Invapay, a UK-based payment technology company, has launched a new payment service across the UAE in collaboration with Barclays.
The new service, called ePayment-Purchase and Pay, will facilitate s clients overcome challenges arising from managing and paying suppliers, Invapay said in a statement.
The technology will allow large organisations optimise their cash flow and payments more intelligently.
Clients will also benefit from increased cash and credit management with access to off balance sheet credit on demand, the company claims.
Commenting on the launch, Invapay CEO Sid Vasili said: "What we have done is conducted a review for the entire supply chain end to end and developed an innovative solution that helps all parties involved.
"The system being deployed in the UAE is currently being used across Europe, Asia and the United States where organisations have experienced its major benefits first hand."
Barclays managing director and head of corporate banking for the UAE and GCC Rezwan Mirza said: "This innovative ePayment and Purchase and Pay service supports organisations to enhance their process automation while enabling suppliers to accept different types of payments leading to a more efficient payment system."