Despite the challenges in 2020 that affected the transactional revenues of Concur as disclosed in the SAP financial performance report, SAP Concur expense management solutions remain increasingly important in 2021 as businesses explore automated solutions to give them better visibility and control over corporate spend as they journey through recovery.
The “Growth Opportunities in the Asia-Pacific B2B Payments Market, Forecast to 2025” report that profiled B2B payment solution providers including MasterCard highlighted that the B2B payments market growth in the region will be underpinned by a growing B2B eCommerce market and an increase in financial technology (fintech) participants. By collaborating with technology and software industry leaders, enterprises are now adopting technologies such as a hyperledger framework, open API, and encryption to help them achieve and deliver payment automation that is secured and resilient.
The recent SAP and MasterCard collaboration is one example of how companies leverage digital solutions to propel B2B payment growth. MasterCard, one of the electronic payments industry leaders, has ventured into advancing its expense and invoice management processes for enterprise and government clients in the Asia Pacific. By selecting German software giant SAP as its technology partner, the global payment technology vendor aims to provide banks, companies, and government agencies enhanced visibility on their corporate card transactions through SAP Concur expense and invoice management solutions.
Sharing about the SAP and MasterCard alliance, President, Product Management of MasterCard, Asia Pacific Mostafa Sabet said:
“This powerful pairing offers the best of both worlds by combining SAP Concur’s expense management expertise with MasterCard’s global payments network, extensive partnerships, industry-leading security, and comprehensive solutions and services.”
“In today’s competitive environment and rapidly evolving digital economy, MasterCard’s integration with SAP Concur solutions will deliver the tools and insights that businesses and governments need to control costs and manage expenses tightly, transparently, and efficiently,” Sabet added.
SAP Concur Expense Management Expertise
Today, more than ever, businesses and governments are actively looking for intelligent solutions that would future-proof spend management. As the world’s leading provider of integrated travel and expense management services and solutions, many businesses tap SAP Concur to help them automate their expense and invoice processes.
The SAP and MasterCard collaboration offer APAC customers the opportunity to improve payment visibility, optimise credit lines, and leverage data through industry-leading transaction solutions. More importantly, the partnership intends to deliver an excellent customer experience by leading the alignment between commercial card providers and their clients. MasterCard’s issuing customers can now look into better corporate payments processing and leverage SAP Concur solutions to business and government clients.
With regards to business travel, it is projected to have a tremendous rebound as travel policies take shape and once restrictions are lifted. As corporate travels ease up, businesses can benefit from SAP Concur solutions integration in commercial card transactions under corporate travel booking- ensuring faster reconciliation and payments while strengthening cost control and compliance.
Having the most comprehensive portfolio of payment brands in the world, MasterCard together with SAP Concur delivers Web-based corporate financial solutions and expense management solutions– such as travel and entertainment, purchasing/procurement, fleet, and telephony– to MasterCard’s member financial institutions. SAP and MasterCard empower companies to make informed financial decisions by providing customers information on spending trends and identifying potential cost savings.
