Our new client Swipe2B have announced that their Batchpay solution has been implemented by international construction and engineering conglomerate Doosan as an integral component of its supplier payments process.
Swipe2B’s technology has enabled Doosan-Babcock to instantly transform a traditional paper-based payment process, make early payments and unlock much needed liquidity for its suppliers. Swipe2B’s BatchPay solution automates workflow and enables early payments via commercial credit card to all suppliers. Payments are now processed within seconds, with cleared funds credited into their suppliers’ bank accounts within hours. Being a cloud solution, Doosan-Babcock was able to implement and go live with Swipe2B within 72 hours, from start to finish.
With Swipe2B, Doosan-Babcock is able to better manage its working capital, enjoy extended credit terms and provide its suppliers with liquidity through early payments. Swipe2B has a portfolio of corporate clients across various industries, however, this is its first implementation within the engineering and construction sector.
While ubiquitous across the US, parts of Europe and Asia Pacific, paying B2B suppliers by card is a relatively new concept in the Middle East. The recent surge in commercial card programs offered by banks in the region has shone a spotlight on this new method of supplier payments available to corporates of all sizes.