Barclaycard has launched an intelligence platform, which uses data analytics to provide procurement departments with an accurate picture of their supply chain.
The service, Barclaycard Payment Intelligence (BPI), combines account payable data points with third-party data. The aim is to help customers develop the right payment solutions for their suppliers efficiently and quickly.
Anna Porra, Commercial Strategy Director for Barclaycard, said: “Clunky and complex supplier payments processes mean that businesses of all sizes are losing out on time and money.
“Barclaycard has looked to make use payments data to identify opportunities for improvements across the procure to pay process and drive actionable insights for both buyers and suppliers. Barclaycard Payment Intelligence is a new suite of tools that harnesses state-of-the-art data analytics and financial modelling to devise tailored, actionable solutions for our customers.”
Through the technology, businesses can catalogue their suppliers based on the number and value of transactions as well as their size, location, industry and whether early payment is likely to generate savings.
Porra added: “This approach not only brings tangible benefits to the bottom line, but it also helps to strengthen relationships between buyers and suppliers. As we navigate our way through this difficult period, safeguarding supply chains is a key way of future-proofing operations, and it’s part of Barclaycard’s mission to help businesses realise these benefits.”
Barclaycard Payment Intelligence allows business buyers to understand:
- Their current supplier payments profile, analysed and presented in different formats
- Their suppliers’ payments preferences and capabilities – such as being able, and willing, to accept card payments
- How critical, as a buyer, their business is to each supplier in their chain
- The best timeframe for paying a supplier to ensure early payment discounts are taken advantage of, and to protect the supplier’s cashflow
A set of algorithms created by Barlcaycard Payments then translates these insights into bespoke payments strategy. According to the company, this allows customers to combat late payments, save time and resource, and generate savings.