Welcome to the last Payables News Weekly of February. This past week was a banner time for the accounts payable world; Basware released its latest offering in the Basware Financing Services portfolio, and now Concur users can automatically send Starbucks receipts into the expense reporting app. And, coming up this week on Payables Place, we’ll wrap up my two-part series on the value of scan and capture invoicing. But enough of that … read on to get caught up with the news you may have missed.
Basware Discount Brings Dynamic Terms and Early Payment Benefits to Buyers and Suppliers
Basware announced last week it had released Basware Discount, the latest addition to its Basware Financing Services portfolio. This latest product brings to bear the capabilities of dynamic discounting, which can offer tremendous benefits to buyers via increased access to early payment discounts. The solution is available through the Basware Commerce Network, right alongside the Basware Pay product that launched in September 2014. Read the full announcement at http://www.basware.com/about-us/news/basware-discount-brings-dynamic-terms-and-early-payment-benefits-to-buyers-and-suppliers.
Concur, Starbucks Enable Expensing, Rewards for Business Spend
Taking a business meeting at Starbucks has become significantly easier; Financial News (UK) reports that Concur has published an e-receipt solution for Starbucks purchases. Starbucks is the third most-expensed restaurant, according to Concur’s data, and is the most common location for out of office meetings. The new collaboration between Starbucks and Concur also means that business travelers will be able to gain My Starbucks Rewards Stars as well as send receipts automatically to the Concur application. This makes filing expenses for Starbucks purchases much easier, as well as allowing avid coffee drinkers the chance to gain rewards for their business purchases. All in all rather a win-win. Read the full story at http://www.financial-news.co.uk/26782/2015/02/concur-starbucks-enable-expensing-rewards-for-business/.
Visa Reaches Deal With Russia Over Payment System
The Wall Street Journal reported last week that Visa has made a deal with Russia over processing cards through that country’s National Payments System. The deal means Visa will transfer all Visa-branded transactions to the local payment system, which came into being following Western sanctions levied after Crimea voted to break away from Ukraine and join Russia. This is good news for enterprises with trading partners in Russia, as many millions of dollars in transactions can now flow freely through the local payments system again. Read the full article at http://www.wsj.com/articles/visa-reaches-deal-with-russia-over-payment-system-1424362798.
Visa Replaces Account Info with Token System for Digital Payments
Visa announced plans to do away with 16-digit account numbers for digital transactions, according to Mobile ID World. The credit-card network plans to augment its Visa Token Service instead, which is intended to make online transactions more secure overall by creating a random series of numbers on a per-transaction basis. This operates much like a virtual payment card, which is already in use for B2B payments, with the difference being that it occurs at the card network level instead of through an issuer such as a bank. The move stands to make Visa-branded cards more secure overall. Read the full article at http://mobileidworld.com/visa-replaces-account-info-with-token-system-for-digital-payments-2133/.
Check out these related articles for more:
Payables News Weekly: Business Travel, American Express, and Apple Pay
Payables News Weekly: Visa and MasterCard in Crimea, and Business Travel Booms in China
Payables News Weekly: Sustainable Business Travel and Google’s New Partner
Payables News Weekly: Quantitative Easing in Europe and the Federal Reserve Loves Bitcoin
