The new version of the PayMate platform will add further value to supply chains by allowing enterprises to extend payables using commercial cards and SMEs to receive early payments towards outstanding invoices through discounting, the B2B business-to-business payment solution provider said in a statement.

"PayMate's proprietary enhanced cloud-based platform will automate and digitise the entire procurement to the payment process, saving over 70 per cent time, resources,and costs for businesses. Using the full-stack platform will enable businesses to become more efficient, allowing them to gain greater control and transparency over their finances," it said.

The platform allows the business to automate their payables, allowing executing and scheduling single or bulk vendor payments using commercial cards thereby extending their days payable outstanding. Businesses can also make their GST payments through the platform among other benefits, the statement said.

Speaking about the upgraded PayMate platform, Ajay Adiseshann, Founder & CEO, PayMate added, "With a full-stack supply chain digitization offering, PayMate is proud to bring greater value to our customers and channel partners. By using our platform's invoice discounting layer, SMBs will be able to sustain themselves through these troubles COVID times by simply offering discounts on their overdue invoices."