Payment processor MasterCard Inc. (NYSE:MA) and expense management firm SAP Concur have partnered to offer more efficient and faster expense and payment management solutions to companies in the Asia Pacific region.
MasterCard and ASAP Concur to offer expense and cost management solutions
With governments and businesses seeking to optimize credit lines, enhances visibility across payments, and leverage data to promote supply relationships, this partnership will offer the best solutions with alignment between clients and card providers. Master Card’s Product Management VP in the APAC region Mostafa Sabet said that this is a powerful partnership offering the best of both worlds. Sabet said that the combination of MasterCard’s payment network, comprehensive solutions, and services, industry-leading security, and extensive partnerships with SAP Concur’s expense management expertise is a huge accomplishment.
Equally the new solution the companies are creating will offer insights and tools that governments and businesses require to manage expenses and control costs efficiently and transparently. Commercial cards use in combination with SAP Concur’s solution to expense management, corporate travel bookings, and invoice processing will be vital in speeding up reconciliation and payments while enhancing cost controls and compliance.
APAC region full of digital banking expansion opportunities
The Asia Pacific region is a fertile ground for digital banking expansion on a personal level and among businesses, a process The World Bank indicated, is a priority in an August report. The document indicated, in part: “Digital financial inclusion was a development priority before the pandemic emergency; now it is indispensable as the central element and short-term relief of broad-based sustainable recovery initiatives. Currently, there is a challenge in accelerating digital finance but equally there growing understanding on how to reduce risks and overcome obstacles.
At the beginning of this year, SAP Concur and ApsireHR entered a partnership to deliver invoice and expense management to AspireHR customers in the US. AspireHR CEO Kevin Chase indicated that SAP Concur solutions are important for businesses, not only in dollars and cents but equally by boosting productivity, minimizing risk, and promoting corporate compliance.