Singapore, 8th January 2022 - SourceSage today announced the appointment of Citi Singapore to incorporate its virtual card solution that leverages Visa’s Payables Automation (VPA) platform on SourceSage’s aggregated purchasing platform. With this new capability, the platform is expected to unlock the fast-growing global procurement as a service market, which is expected to expand at a CARG of 8.2% between 2021-2028.
With this added feature, SourceSage can now generate unique virtual card numbers via API in real-time for each transaction when procuring supplies via eCommerce platforms globally. This is expected to greatly streamline and automate payment flows, while simplifying reconciliation at the backend. At the same time, administrators can dynamically set spending controls on each virtual card account, enabling stronger controls over their transactions to further safeguard against risk.
“I believe that with this integration, SourceSage will be in a better position to enhance the value proposition to our existing and new clients globally”, Sim Jian Min, CEO, SourceSage, said.
Deven Somaya, Managing Director, Product Head for Singapore, Citi Treasury and Trade Solutions, said, “Citi Singapore is delighted to collaborate with Visa to support SourceSage in redefining their B2B virtual card payment solution. Through the integration of APIs, the solution provides SourceSage with enhanced reporting and reconciliation data, and greater visibility into their card spend. We are confident that this will drive greater efficiency and control for the firm in a fast-growing global procurement as a service market.”
As businesses continue to adapt to changes in managing supply chains and supplier payments, many have recognised that digital solutions are critical in driving efficiency, particularly small and medium businesses (SMBs). Visa’s latest Back to Business study found that one-third of Singapore SMBs (33%) cited the lack of control over transactions and business processes as a top concern, and more than two in five (42%) have digitalised backend payment operations.
“The pandemic has accelerated digital payment adoption among businesses while highlighting friction in B2B payment processes. As the global leader in digital payments, Visa is committed to working with our partners to provide innovative B2B solutions that are faster, seamless and secure. We are very pleased to collaborate with Citi and SourceSage to power virtual commercial cards, securely streamlining payments and processes for greater business efficiency,” Kunal Chatterjee, Visa Country Manager for Singapore & Brunei, said.
About SourceSage
SourceSage, is global internet company founded in Singapore in 2015, with a vision to create B2C experiences for B2B corporate purchasers through aggregation of products from different global marketplaces under a one approved vendor model.visa To date, SourceSage has boosted more than a million reliable and competitive product catalogues across 883 United Nations Standard Products and Services Code (UNSPSC) categories.
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