MasterCard International has launched MasterCard e-P3, the first electronic payment and information management service fully integrated with the MasterCard Corporate Purchasing Card.
With MasterCard e-P3, buyers can automatically link electronic purchase orders, invoices, receipt of goods and other transaction documents with purchasing card transactions, resulting in considerable cost savings.
The first adopters of this new solution, implemented on the Xign platform, are Memorial Sloan-Kettering Cancer Center with its JPMorgan Chase MasterCard Corporate Purchasing Card and Pantellos with its Citibank MasterCard Corporate Purchasing Card programs.
MasterCard e-P3 allows buying organizations to maintain the integrity of the purchase order requisition, approval and matching process while receiving the full benefits of purchasing card settlement. This innovation creates vast new opportunities for corporate purchasing card programs - opening new purchasing categories and enabling larger ticket transactions - while increasing accounting control.
Moreover, with MasterCard e-P3 valuable line-item transaction detail - Level III data - is exchanged electronically between buyers and suppliers with every single transaction by leveraging the MasterCard Global Data Repository.
Online reporting of transaction data is available through web-based reporting tools, such as MasterCard Smart Data OnLine. MasterCard e-P3 can be quickly deployed and easily supports existing ERP and accounting systems, including Oracle, PeopleSoft, SAP, J.D.Edwards, Microsoft Great Plains, and GEAC.
For suppliers, enrollment in MasterCard e-P3 is simple and can be completed over the Internet with any Web browser. MasterCard e-P3 gives suppliers the means to issue electronic invoices, view the status of those invoices at any time, accept immediate electronic payment, improve cash forecasting and gain new levels of accounting control.
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