OLB and Mazepay have joined forces to accelerate B2B procurement digitalisation in Germany. The joint solution enables companies to achieve significant savings around long-tail spend using OLB's virtual corporate credit cards.
Copenhagen, 17 September 2024
Oldenburgische Landesbank AG (OLB), a profitable and growing universal bank for private and corporate customers in Germany and neighbouring European countries, and Mazepay, a Danish Fintech delivering a modern spend management platform, announce their strategic partnership. The collaboration delivers a digital solution to corporations in dire need of automation, transparency, and compliance. Finance and Procurement can finally reclaim control of their corporate spend processes with the OLB-Mazepay joint solution.
OLB is a leading B2B commercial card issuer in Germany and Austria. OLB card solutions rely on customer-centric solutions with a high standard of data management and several integration opportunities to T&E, accounting, and ERP systems. OLB delivers a secure infrastructure and robust system to issue virtual credit cards from Mastercard, which provides security, with specified amounts for each card, validity period, and locked currency. The cards add an extra layer of protection against fraud and unwanted spending.
"Virtual Cards provide a large variety in process optimisation. They are fast, easy to use and extremely safe. We are excited to offer such a valuable payment solution to our customers. Our cooperation with Mazepay increases our virtual cards' opportunities enormously," says Sinan Ilkgün, Head of Business Development, Products and Digital Transformation at OLB.
Mazepay is designed to streamline processes and payments while ensuring compliance without adding complexity for employees. The founders, having worked in large organisations, noticed a common issue: the lack of an effective solution for managing long-tail spend.
"Managing small purchases has always been a major challenge in every company I've worked for. Most employees didn't follow purchasing policies—not because they didn't want to, but because the process was too slow and difficult," explains Dan Kortegaard, Mazepay's co-founder and COO.
The partnership between OLB and Mazepay provides an easy-to-use, end-to-end solution. Each card transaction, including the spend amount, cost centre, and any business rules the company sets, is approved before payment. This ensures a complete audit trail and customisable reporting, giving Finance full visibility into who approved spend for whom without emails. Reconciliation is also simplified with automated notifications and receipt collection. Purchases are consolidated into one monthly statement from OLB, reducing the time and cost of closing the books.
OLB and Mazepay offer a convenient and compliant way to manage online purchases, subscriptions, and payments to suppliers who don't accept cards, bringing an innovative approach to corporate spending.
"Supplier onboarding is a challenge many corporations attempt to address by using internal workforce or increasing costs through outsourcing to cheaper countries, but these approaches often lead to inefficient, non-compliant processes that create headaches for everyone involved. With OLB, we offer a solution that eliminates these issues. Mazepay, as a licensed payment institute, ensures onboarding is done correctly and continuously maintains supplier compliance over time, both regionally and on a global level", says Søren Aabel Hammer, co-founder and CEO at Mazepay.
"Non-strategic suppliers often change and give many companies a large overhead compared to the amount of spend. Manual Invoice Management is time-consuming and inefficient. With Mazepay we can help eliminate those pain points," explains Nadine Schröder, Head of Key Account Management Commercial Cards at OLB.
The joint solution eliminates the need for corporates to manually onboard suppliers, saving significant time and effort. This automation is a game changer for companies with excessive manual work and insufficient automation. With a streamlined interface, the solution combines process and payment management, ensuring every invoice is paid on time, and suppliers are handled compliantly—without the need to onboard them into the internal ERP system. The benefits include improved working capital, fewer hours on routine tasks, and stronger supplier relationships.
For further information:
Søren Aabel Hammer: shammer@mazepay.com
Nadine Schröder: nadine.schroeder@olb.de
About OLB
OLB is a profitable and growing universal bank for private and corporate customers in Germany and neighbouring European countries. Under its OLB Bank and Bankhaus Neelmeyer brands, OLB advises its about 1 million customers in person and via digital channels in its Private & Business Customers and Corporates & Diversified Lending segments. The Bank has more than EUR 30 bn of total assets.
About Mazepay
Mazepay is a fintech dedicated to helping procurement and finance teams automate and gain control over their long-tail spend. In partnership with Mastercard, we offer innovative B2B procurement and payment solutions that streamline spend management, enabling businesses to gain control regionally and globally. Our mission is to empower businesses to optimise their procurement processes, reduce manual tasks, and achieve complete visibility and control over every transaction.
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