Barclaycard has launched a new service which uses data analytics to provide procurement departments with the most comprehensive picture of their supply chain.

Barclaycard Payment Intelligence (BPI) combines hundreds of accounts payable data points with internal and third-party data, helping to speed up the process and cut costs as a result.

The technology should let businesses catalogue their suppliers based on the number and value of transactions, as well as their size, location, industry and whether early payment is likely to generate savings - to create a comprehensive overview of the entire supplier framework.

Specifically, BPI allows business buyers to understand their current supplier payments profile, analysed and presented in different formats; their suppliers’ payments preferences and capabilities; and the best timeframe for paying a supplier to ensure early payment discounts are taken advantage of.

A set of algorithms created by Barclaycard Payments then translates these insights into a bespoke payments strategy.

Anna Porra, commercial strategy director for Barclaycard, said: “Clunky and complex supplier payments processes mean that businesses of all sizes are losing out on time and money.

“Barclaycard has looked to make use payments data to identify opportunities for improvements across the procure to pay process and drive actionable insights for both buyers and suppliers."

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