For Immediate Release
Marriott International Joins Swipe2B’s Growing List of Customers
Dubai, September 02, 2019 – Swipe2B the world leader in B2B payment solutions, today announced that its BatchPay solution has been implemented by global hospitality behemoth Marriott International, to automate its supplier payments process via commercial card.
Swipe2B’s ‘card-to-bank’ technology enables companies to pay their suppliers using a commercial credit card. As a result, companies enjoy the benefits of card payments, such as extended credit terms, rebate and security; while improving suppliers’ cash flow through early payments. Payments are processed automatically within seconds, with funds credited directly into suppliers’ bank accounts within hours.
Following a 7 week pilot with Swipe2B, Marriott has implemented the new supplier payment solution across its properties in the UAE.
Making payments to suppliers is mainly a paper-based manual process involving receiving invoices, checking, reconciling, preparing and authorizing payments. Swipe2B not only automates the existing Accounts Payable (AP) workflow, but provides the ability for companies and their suppliers to unlock liquidity and better manage their working capital.
“We had been looking for a solution to help us leverage our commercial card program, by making payments to regular suppliers – even those that didn’t have the ability to accept cards,” said Mahrukh Ahmad, Senior Director Finance for Marriott International. “With Swipe2B, in addition to benefiting from extended credit terms, we were also able to automate our reconciliation process; freeing up working capital and valuable human resource at the same time.”
While ubiquitous across the US, parts of Europe and Asia Pacific, paying B2B suppliers by card is a relatively new concept in the Middle East. A recent surge in commercial card programs offered by banks in the region has shone a spotlight on this new method of supplier payments available to corporates of all sizes. In addition to its own clients, Swipe2B works with over 20 local and international banks offering the solution to their corporate clients across Europe, the Middle East and Africa. “Win-win solutions are a rarity when it comes to the timing of payments, given the differing needs of payers and payees,” said Amer Qavi, Founder and CEO of Swipe2B. “With Swipe2B, a supplier payment no longer needs to be a zero-sum game, where one party benefits at the cost of the other. We’re excited to be working with Marriott International, and look forward to being part of the automation powering their rapid global expansion.”