MasterCard, NDB to offer purchase control solutions to minimize fraud

Oct 14, 2015 (LBO) – Sri Lanka’s National Development Bank and MasterCard said that they will bring the MasterCard Purchase Control solution to Sri Lanka, which combines an integrated pre-approval process with secure virtual account numbers to deliver enhanced global controls and increased transaction security thereby reducing their exposure to fraud and employee misuse. “As Sri Lankan enterprises grow beyond their current horizons, they require payment solutions that do away with traditional systemic roadblocks and facilitate faster turnaround times without compromising on compliance,” said Rajendra Theagarajah, chief executive of NDB Bank. “With Purchase Control they will be able to simplify their business-to-business financial transactions while gaining greater control, security and transparency.” A purchase control system has three core applications – a workflow purchase tool, an accounts payable tool, and a payment solution for distributors and resellers – can be configured to deliver efficiency and control across a range of environments. The workflow purchasing tool is a web-based tool that expand a company’s current purchasing card program to permit purchasing card spend by all employees who need it. The accounts payable (AP) tool simplifies the AP process by leveraging limited-use numbers for vendor and supplier payments, enabling control over the payments process, and simplifying reconciliation. The payables tool for distributors and resellers allows a company to fully integrate virtual account number requests for payments into current procurement processes.