This post was written by Kurt Schneiber, CEO of Syncada from Visa. The Syncada Network processes invoices, makes payments, and facilitates the financing of payables through a network of financial institutions. Designed to handle all types of invoices and payments, Syncada offers solutions for general accounts payable and accounts receivable, as well as payments for more complex, audit intensive spend categories.
Last week, Citi and Syncada from Visa announced a new partnership designed to extend the effectiveness of Syncada’s network while providing Citi’s commercial clients with an integrated solution for managing accounts payable. This announcement marks an important milestone in delivering on our mission to build an open, global platform that banks can offer to their corporate and government clients, as a more efficient way to pay and be paid.
During my years in the financial industry I could never accept why business-to-business payments remained so complicated and seemingly stuck in the past. Accounts payable, accounts receivable and several payment types, including check, ACH, card and wire are all required. With persistent and excessive complexity, mistakes are inevitable, and those mistakes can harm a company’s supply chain and, ultimately, the bottom line.
At Syncada, we are streamlining and enhancing these processes, not only allowing transaction types to coalesce into one smooth system, but also providing transparency to financial institutions and corporate customers. This effort enables Syncada to extend the vision driving Visa’s commercial strategy to provide companies and governments a more efficient way to manage B2B payments with an integrated, fully electronic financial supply chain platform. Essentially, our solution is designed to hasten the inevitable demise of manually processed invoices and paper record-keeping, along with the inefficiencies and extra costs that are associated with this old system.
At its core, the Citi partnership makes Syncada a truly global, multi-bank network. Citi’s Global Transaction Services business, which spans more than 100 countries and serves over 65,000 clients, will offer the Syncada network as part of Citi’s working capital and supply chain management solution set1.
Analyst Nancy Atkinson from Aite Group LLC was quoted in an American Banker article as saying, “Having… a bank that has really more of a presence around the world than probably any other certainly helps to validate Syncada’s model.”
Through Syncada and its partnership with Citi, Visa’s innovative approach moves beyond traditional card offerings in the commercial arena, enabling banks to better serve their customers’ evolving needs.
To learn more about Syncada, visit www.syncada.com or view our video here.
Posted by: Kurt Schneiber, CEO of Syncada on April 7, 2011 at 2:03 pm
