Visa and @UKplc, a U.K.-based electronic commerce services provider, will jointly develop a software-based electronic procurement system that combines business management with payments.
Called cloudBuy, the integrated technology leads a corporate buyer through procurementincluding sourcing, order placement and paymentthen analyzes a purchase from a cost management standpoint. The product also includes controls and audit facilities to manage compliance, mitigate rogue buying and off-contract pricing.
"Economic forecasts in Asia Pacific markets, particularly the more developed ones, have called for austerity measures. We acknowledge that organizations are under pressure to cut costs and improve efficiencies quickly. They are looking for solutions that are not just quick fixes but provide sustainable cost management possibilities," said Olivia Leong, regional head of enterprise & government payment solutions for commercial products for Visa in Asia Pacific, Central Europe, the Middle East and Africa, in an Oct. 3 press release.
The partnership combines Visa's issuer relationships and payment network with @UKplc's experience in developing and running e-commerce and cloud computing systems for government and corporate clients.
Upon installation, cloudBuy uses artificial intelligence to analyze an organization's spending, and assesses opportunities to improve pricing and manage costs. This analysis then continues, producing reports to assist with supplier management, contract negotiations and transaction tracking.
In a similar initiative, Discover recently launched AribaPay, a single system to manage procurement, invoicing and payments.