First End-to-end Procurement Solution Launched

UOB Malaysia today announced its collaboration 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 UOB Visa Payables Automation (VPA) suite enables companies to procure goods with Plenitude Solution’s e-procurement solution and to pay their vendors through UOB’s virtual Visa commercial credit card account, even if these vendors do not accept card payments.

Using digital technology to manage cash flow better and to improve cost-efficiency is a top priority for more than 75 per cent of businesses in Malaysia1.

Ms Ng Wei Wei, Deputy CEO, UOB Malaysia, said that companies are looking for ways to use technology to streamline their operational processes and to sustain their businesses post the COVID-19 pandemic.

“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. That is why we are pleased to partner Plenitude Solutions and Visa to launch the UOB VPA suite to support businesses in achieving greater efficiencies in their procurement and financial management.”

The UOB VPA suite automates 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 days2.

When making payment, their vendors will also be able to receive payment immediately. As the account reconciliation process is also automated, businesses will be less reliant on manual processing and can redeploy their resources to focus on other areas of business.

Dato Mohamad Razali Mohamad Rahim, Chairman, Plenitude Solutions, says the procurement solution enables businesses to automate their purchasing processes conveniently.

“Instead of writing multiple cheques and juggling multiple payment terms and dates, businesses using our 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.”

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 any unauthorised usage.

Mr Ng Kong Boon, Visa Country Manager for Malaysia, says, “There are tremendous opportunities in the business-to-business (B2B) payment space to convert cash to secured digital payments. Today, many businesses in Malaysia may not be equipped with the relevant solutions as they still rely on labour-intensive ways with cash or cheques to pay their vendors. Through Visa’s virtual credit card solution, we are transforming how businesses can pay their vendors through digital means. Our goal at Visa is to work continuously with the industry to bring innovative and relevant solutions that can better support the B2B transactions.”

Previous articleKONE DX Cass Elevator: First Elevator Series With Built-in Digital Connectivity
Next articleHuawei Reveals New Fitness Products That Matches Modern-Day Lifestyle


Please enter your comment!
Please enter your name here