Doosan-Babcock signs with Swipe2B to digitize its supplier payments
Swipe2B the world leader in B2B payment solutions, today announced that its BatchPay solution has been chosen by construction and engineering conglomerate Doosan-Babcock to streamline and automate its Accounts Payable (AP) and supplier payments processes.
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. Doosan-Babcock’s 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.
As with most conglomerates, supplier payments are a significant portion of the vendor management process and can needlessly consume valuable resources due to manual workflows. 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, Doosan- Babcock 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.
“Swipe2B has provided us with an alternative financing option, where we can pay our suppliers early and benefit from a generous extended credit period at the same time,” said Jane Sutherland, Finance Director for Doosan MENA. “Moving from bank transfers to automated card payments has transformed our AP department. Swipe2B’s customer support makes it easy and seamless, every step of the way. We look forward to expanding our use of Swipe2B in other markets over the coming months.”
“The traditional tug-of-war between a buyer’s need for extended credit and suppliers requiring payment as early as possible needn’t be a conundrum anymore,” said Amer Qavi, Founder and CEO of Swipe2B’s parent company, SwipeZoom. “By moving supplier payments onto a commercial credit card, Swipe2B provides a win-win solution for both buyers and suppliers. We’re excited to be working with a client like Doosan-Babcock. They have proven that their reputation as a world leader, with the vision and ability to solve complex engineering problems, also extends to their everyday back-office operations.”
Doosan-Babcock is a specialist in the delivery of engineering, aftermarket and upgrade services to the power generation, oil and gas, petrochemical and process sectors. With a focus on the delivery of low-carbon technologies and an industry-leading project management capability, the company builds, maintains and extends the life of customer assets worldwide.
Swipe2B, a subsidiary of SwipeZoom, is a global B2B payment processor. Its cloud-based solutions enable businesses across the world to streamline their workflows, increase sales, improve cash flow and eliminate the risks and obstacles of cross-border commerce in more than 200 countries and territories. Swipe2B solutions make risky and tedious processes simple, seamless and secure; making commerce more profitable and efficient for buyers, sellers and banks around the globe.