KUALA LUMPUR: United Overseas Bank (M) Bhd (UOB Malaysia) has partnered 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 bank said UOB Visa Payables Automation (VPA) suite would enable companies to procure goods with Plenitude Solution's e-procurement solution and pay their vendors through UOB's virtual Visa commercial credit card account, even if these vendors do not accept card payments.
The UOB VPA suite will also automate the purchasing process, from requesting 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.
UOB Malaysia deputy chief executive officer Ng Wei Wei said companies are looking to use technology to streamline their operational processes and sustain their businesses post the Covid-19 pandemic.
Ng said the movement restrictions and lockdowns enforced during the pandemic have led to more businesses sourcing for their stocks and raw materials online, and in turn, re-evaluating their financial supply chain strategy to save time and cost.
"As the country restarts its economic activities, it is imperative for businesses to step up their adoption of technology to manage their cash flow better and to increase productivity for continued growth.
"At UOB Malaysia, we are constantly thinking of how we can help businesses to innovate and to grow sustainably for the long term," she said.
Plenitude Solutions chairman Datuk Mohamad Razali Mohamad Rahim said its procurement solution enables businesses to automate their purchasing processes conveniently.
Razali said instead of writing multiple cheques and juggling various payment terms and dates, businesses using the company's solution will pay their vendors using Visa's virtual credit card facility, and UOB Malaysia will facilitate the cash settlement at the end of the month.
"In addition, businesses can enjoy a discount on their purchases if they select immediate cash settlement," he said.
With Visa Payment Controls, the UOB VPA suite also offers businesses peace of mind when setting spending controls and payment authorisation.
These enable them to reduce the risk of fraud and misuse by their employees.
As an added layer of security, every transaction done with the UOB VPA suite is provided with a Visa Commercial Token that shields the primary account number from unauthorised usage.