New Office of Government Commerce (OGC) Framework Agreement allows MasterCard’s electronic payment systems to be used by UK public sector to help 10 day terms
UK public sector agencies now can choose to use MasterCard’s electronic payment systems for their procurement activities under the Office of Government Commerce (OGC) Framework Agreement. MasterCard systems can now be made available to the 3,300 national, regional and local UK public sector bodies through financial institutions AirPlus, Barclays, J.P. Morgan and RBS Group, under the new framework announced by the OGC which runs from 2010-2014.
MasterCard stated 44,000 disparate buying units across the UK public sector can use its payment systems as tools to streamline and improve their purchase-to-pay processes. Hany Fam, general manager, MasterCard UK & Ireland, said that with the agreement, public sector agencies across the UK can reap “real bottom-line savings” through back-office efficiencies, as well as accelerate payments to meet the tough 10-day payment target and tap into improved liquidity. Brian Lang, vice president, commercial products, MasterCard Europe, added: “Commercial payment solutions constitute one of the largest growth opportunities in Europe.”
