Automakers Keep Production Running Smoothly with Mastercard
Track™ and OpenText Supplier Portal
WATERLOO, Ontario, July 11, 2019 /PRNewswire/ -- OpenText™
(NASDAQ: OTEX), (TSX: OTEX), a global leader in Enterprise
Information Management (EIM), and Mastercard (NYSE: MA), a
technology leader in the global payments industry, today announced
a partnership to help companies increase financial efficiencies
across global supply chains, starting in the automotive industry.
The collaboration will further advance a connected and scalable
digital ecosystem, allowing companies irrespective of size,
location or technical capability to build increased trust and
security into trading partner relationships.
The new solution from OpenText and Mastercard aims to increase
the speed, compliance and security for business information,
payments and financing in the automotive supply chain. It is
designed to facilitate integrated payments and to enhance the
management of vendor master data, enabling suppliers to better
manage risk for trade finance, accelerate cash flow for outstanding
invoices and secure financial transactions with enhanced digital
identity.
The integrated OpenText and Mastercard offering will also
provide OpenText Business Network customers the ability to access
spot financing through the Mastercard Track™ B2B global trade
enablement platform. It will leverage the OpenText Supplier Portal
(formerly Covisint Supplier Portal), the OpenText Identity Portal
and the OpenText IoT Platform, integrated with Mastercard's
financial partners.
"Digitizing and simplifying supply chain related finance
processes can ease global trading operations across industries and
unlock opportunities for suppliers at every level to do business
with enterprise buyers more efficiently," said Claire Thompson, Executive Vice President of
Enterprise Partnerships at Mastercard. "We are excited OpenText is
partnering with Mastercard to integrate our digital platforms
together to allow companies to quickly identify and vet business
relationships and make the end-to-end payments process even
simpler."
"High performance supply chains build agility and flexibility
into production and fulfillment," said Mark
J. Barrenechea, OpenText CEO & CTO. "This calls for the
digitization of processes across the network. OpenText is pleased
to partner with Mastercard to help automotive enterprises transform
finance related information flows, eliminate friction in the
trading process and conduct mutually beneficial transactions with
the right suppliers at the right time to meet and exceed production
goals."
OpenText and Mastercard will provide a single user interface
which links users to supplier portal functionality and to
Mastercard Track, with a secure, permissioned repository of more
than 210 million registered entities worldwide. Buyers and sellers
maintain and exchange key information related to their businesses
and Mastercard Track provides monitoring on sanctions, credit and
other business standards. This eases supplier selection, compliance
and risk management; enhancing the comprehensive up-to-date
supplier profiles in the OpenText Supplier Portal. Expanded
supplier portal capabilities such as parts and services management
and IoT contextual telemetry help auto companies avoid supply chain
disruptions by identifying vendors with available parts to fill
production gaps.
OpenText Supplier Portal is part of OpenText Business Network
which connects to 92 percent of Automotive News 2019 Top 100
Suppliers. The global connectivity offered by OpenText will provide
Mastercard with more robust digital authentication and
authorization services to manage access and business identities for
Mastercard Track users.
About OpenText
OpenText, The Information Company™, enables organizations to
gain insight through market leading information management
solutions, on premises or in the cloud. For more information about
OpenText (NASDAQ: OTEX, TSX: OTEX) visit opentext.com.
Connect with us:
OpenText CEO Mark Barrenechea's
blog
Twitter | LinkedIn
About Mastercard
Mastercard (NYSE: MA), www.mastercard.com, is a technology
company in the global payments industry. Our global payments
processing network connects consumers, financial institutions,
merchants, governments and businesses in more than 210 countries
and territories. Mastercard products and solutions make everyday
commerce activities – such as shopping, traveling, running a
business and managing finances – easier, more secure and more
efficient for everyone. Follow us on Twitter @MastercardNews, join
the discussion on the Beyond the Transaction Blog and subscribe for
the latest news on the Engagement Bureau.
Certain statements in this press release may contain words
considered forward-looking statements or information under
applicable securities laws. These statements are based on
OpenText's current expectations, estimates, forecasts and
projections about the operating environment, economies and markets
in which the company operates. These statements are subject to
important assumptions, risks and uncertainties that are difficult
to predict, and the actual outcome may be materially different.
OpenText's assumptions, although considered reasonable by the
company at the date of this press release, may prove to be
inaccurate and consequently its actual results could differ
materially from the expectations set out herein. For additional
information with respect to risks and other factors which could
occur, see OpenText's Annual Report on Form 10-K, Quarterly Reports
on Form 10-Q and other securities filings with the SEC and other
securities regulators. Unless otherwise required by applicable
securities laws, OpenText disclaims any intention or obligations to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
Copyright © 2019 Open Text. All rights reserved. OpenText is a
trademark or registered trademark of Open Text. The list of
trademarks is not exhaustive of other trademarks. Registered
trademarks, product names, company names, brands and service names
mentioned herein are property of Open Text or other respective
owners.
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SOURCE Open Text Corporation