Edenred, a French company specialising in prepaid corporate services, has introduced a new accounts payable management solution in Europe that allows enterprises to automate all of their transactions and slash operational expenses.

The solution has been prepared around the payment issuance capacity of its subsidiary PrePay Solutions together with CSI’s globalVCard payment platform.

The accounts payable management solution comprises the use of payment by virtual card and is being marketed under the Edenred Corporate Payment brand.

Edenred said that the new offering will help firms to manage accounts payable and modernises transactions between companies and their suppliers in Europe.

The solution generates a single-use MasterCard branded virtual card, which is directly transmitted to the supplier for each transaction.

Leveraging the new solution, Edenred can also deliver its client companies with a financial incentive to use the virtual card, enabling them to reduce internal transaction management costs.

Edenred chairman and CEO Bertrand Dumazy said: “Our move into the accounts payable transactions market is based on Edenred`s unique expertise, which is to provide value-added in transactional ecosystems.

“Our agreement with CSI demonstrates our ability to forge partnerships to expand into new markets. This new solution is our first initiative in the world of corporate payments, which is destined to become an additional growth driver for the Group, alongside employee benefits and expense management."