During this week, this Editor has been attending the 2019 Open Text Enterprise World customer conference being held here in Toronto. In a prior dispatch, we highlighted a significant joint strategic partnership announcement involving OpenText and Google Cloud.
A further conference announcement made today should be of interest to the Supply Chain B2B Business Network, especially Automotive B2B supply networks.
OpenText and Mastercard, a noted financial services provider in the global payments industry, today announced a partnership to help companies increase financial efficiencies across global supply chains, starting in the automotive industry. As our Supply Chain Matters readers are well aware, supply chain working capital needs are an important consideration for industry suppliers who are constantly seeking to improve margins and shareholder returns, as is trust and information security.
According to the announcement, this new collaboration will further advance a connected and scalable digital ecosystem, allowing companies irrespective of size, location or technical capability to build increased trust and security into trading partner relationships. The new partnership aims to increase the speed, compliance and security for business information, payments and financing in the automotive supply chain, and designed to facilitate integrated payments. The partnership further seeks to enhance the management of vendor master data, enabling suppliers to better manage risk for trade finance, accelerate cash flow for outstanding invoices and secure financial transactions with enhanced digital identity.
Of further interest, the combined offering plans to provide OpenText Business Network customers the ability to access spot financing through the Mastercard Track™ B2B global trade enablement platform, leveraging the OpenText Supplier Portal (formerly Covisint Supplier Portal), the OpenText Identity Portal and the OpenText IoT Platform, integrated with Mastercard’s financial partners.
Mastercard Track underscores this financial services provider’s commitment to address several pain points in the global business environment. The platform was designed to draw on and complement a range of Mastercard innovation and B2B assets, from account-to-account and card payment solutions to fraud management, data analytics and payment gateway services. The financial services payments provider has previously partnered with other B2B network platform providers as well as Microsoft’s Azure B2B Cloud platform.
This addition of the OpenText business network considerably adds to the global scope and reach of such services and capabilities, and provides the scope and breadth to extend financial services and supplier payments into electronic payments than can span beyond procure-to-pay processes, into areas of logistics services, transportation and other trading partner services.
Supply Chain Matters will provide further coverage and analysis of the implications of this week’s Enterprise World conference in subsequent blog commentary.
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