MasterCard International and Burns e-Commerce Solutions have announced a joint product development relationship to introduce a new pan-European business-to-business payment solution, MasterCard e-P3. The solution aims to fully automate the financial and information supply chain for private and public sector organisations and simplify the business-to-business payment process. MasterCard’s existing Corporate Purchasing Card will be integrated with Burns’ Business Exchange Service (beX), enabling buyers and suppliers to automatically link electronic purchase orders, invoices and receipt confirmation with purchasing card transactions. The resulting solution is designed to improve integration of invoice level data into users’ financial and accounting systems. The e-P3 solution leverages MasterCard’s Global Data Repository to deliver complete line-item detail (also known as Level III data) through web-based reporting tools for all transactions – regardless of the supplier, point-of-sale device or acquirer limitations.
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