Coupa Software Partners with MasterCard and Silicon Valley Bank to Automate Payments in New Era of Connected Business
MasterCard’s In Control for Commercial Payments virtual credit card solution to simplify commerce for businesses in the Coupa Open Business Network
SAN MATEO, Calif. – June 4, 2015 – Coupa Software, the leading provider of cloud-based spend management solutions, today announced a strategic alliance with MasterCard. The partnership, which has been formed through MasterCard’s Commercial Products and Enterprise Partnerships teams, aims to develop a set of services that further enhance the payment experience of Coupa’s more than 500 customers. Silicon Valley Bank (SVB) was actively involved in the design process and is the first financial institution that will offer the virtual card solution to Coupa customers.
The first joint service to be deployed is a MasterCard In Control for Commercial Payments virtual card payment solution embedded within the Coupa Procure to Pay platform. The integrated offering will allow millions of businesses that accept MasterCard to get their invoices paid faster without negatively impacting their customer’s cash position.
“Our partnership with Coupa is a great example of how MasterCard combines its leading-edge payment platforms and deep B2B expertise with that of innovative companies to transform industries,” said Edward Glassman, Group Executive, Global Commercial Products, MasterCard. “Integrating our payment capabilities into the broader B2B ecosystem is a key pillar of our strategy, and this partnership demonstrates MasterCard’s focus on helping our customers streamline processes to realize cost savings and optimize business performance.”
With MasterCard's virtual card technology seamlessly embedded within Coupa's solution, buyers can automatically issue payment upon transaction approval, delivering a streamlined, highly secure invoice-to-pay process with rich remittance detail that reduces the cost, time and risk associated with traditional payment methods.
“Coupa is leading the industry in simplifying connectivity between companies around the world and we are helping eliminate friction from the associated payment processes,” said Rob Bernshteyn, Coupa CEO. “Our partnership with MasterCard and SVB gives our customers the ability to increase their days payable outstanding while allowing their suppliers to dynamically choose invoice payment terms and get paid in the way that make sense for their business; forming the ultimate B2B win-win.”
MasterCard’s In Control for Commercial Payments virtual card solution supplements the Coupa Savings-as-a-Service offering by delivering payment benefits across the supply chain. The integrated solution allows Coupa to execute on its vision of enabling efficient B2B commerce with all suppliers regardless of the size or volume of business.
Coupa works with any ERP system (such as SAP, Oracle, NetSuite, Workday or Great Plains) to provide businesses with the measurable results long lacking in cloud spend management; every person that touches Coupa experiences a solution that increases B2B efficiency and drives profitability.
About Coupa Software
Coupa Software enables businesses everywhere to recognize bottom-line financial success via Savings-as-a-Service. More than 500 customers doing business in over 100 countries use Coupa to support business agility and reduce costs. Only Coupa provides an organic suite of true cloud applications including accounts payable, procurement, expense management, sourcing and inventory, allowing customers to realize a return on investment that starts within a few months and grows continually. Learn more at www.coupa.com. Read more on the Coupa Blog or follow @Coupa on Twitter.