UOB Malaysia announced its collaboration with Plenitude Solutions and Visa to develop the country’s first end-to-end procurement solution to help local businesses manage cost efficiently and raise productivity.
The UOB Visa Payables Automation (VPA) suite enables companies to procure goods with Plenitude Solution’s e-procurement solution and to pay their vendors through UOB’s virtual Visa commercial credit card account, even if these vendors do not accept card payments.
Using digital technology to manage cash flow better and to improve cost-efficiency is a top priority for
more than 75 per cent of businesses in Malaysia.
The UOB VPA suite automates the purchasing process, from requesting for quotations and issuing purchase orders to invoicing and payments, offering the convenience of a fully-integrated supply chain solution.
Businesses can also enjoy interest-free credit on their purchases and extend their cash flow for up to 60 days.
When making payment, their vendors will also be able to receive payment immediately.
As the account reconciliation process is also automated, businesses will be less reliant on manual processing and can redeploy their resources to focus on other areas of business.
Deputy Chief Executive Officer of UOB Malaysia, Ng Wei Wei said that companies are looking for ways to use technology to streamline their operational processes and to sustain their businesses post the Covid-19 pandemic.