Ardent’s P2P Technology Round-Up returns today with another assortment of ePayables, P2P and B2B payment solution provider news and updates from the past week. If you are an Accounts Payable, B2B Payments, or Spend Management solution provider and you have news to share with us, please drop us a note at editor at cporising dot com. Thanks, and enjoy!
Finexio Completes $4M in Series A Financing, Announces New COO
2018 has already been a big year for B2B payments network provider Finexio. It recently closed a $4m round of Series A funding, led by James R. Heistand, the President and CEO of PKY, a real estate investment trust, who also serves on the Board of Directors at Finexio (there was also participation from multiple other investors). Though the company only launched in early 2017, they plan to aggressively expand their sales and marketing efforts this year. Finexio also recently announced the hiring of Cindy Smith as its new Chief Operating Officer. Smith, who previously served as VP and COO at Meta Financial Group, has experience in the payments space, and holds a patent for closed-loop processing of transactions made by bank cards.
Oildex Announces Enhancements to OpenInvoice Solution
Earlier this year, Oildex, an oil and gas accounting automation software provider, announced new enhancements to its OpenInvoice product line. OpenInvoice is Oildex’s cloud-based AP automation application, and the enhancements were made with the intention to allow suppliers to reduce the time between work being performed and invoices being submitted. Some of these new functionalities include Buyer-initiated Field Tickets that allows buyers to create and submit a field ticket on behalf of their registered suppliers. Suppliers can convert these field tickets directly into invoices. There is also automated coding for invoice line items, and the option for approvers to automatically split allocations to multiple AFE’s or Cost Centers. Buyers also now have more opportunities to automatically approve an invoice, which will further streamline the entire invoice approval process.
Infor and Deem Announce New Collaboration
Deem, the San Francisco-based provider of cloud-based travel and expense management solutions, and Infor, a business application software provider that also offers a travel and entertainment expense management solution, recently announced a new partnership that would integrate both of their solutions. Through this integration, customers will have more options in their travel and spend management vendor selection. The Deem Work Fource platform uses advanced technologies, like machine learning, to provide business travelers with a solution to help manage their travel costs, and integrates with the back-end expense reporting that is required from finance departments. Through mobile and cloud-deployment, the Infor Expense Management solution offers spending control, reporting, and analysis capabilities so customers can manage employee-initiated expenses in real-time. The integration will also provide an integrated booking tool that can transfer data from the Deem Work Fource platform to the Infor Expense Management solution, automatically. By integrating systems, both companies can offer business travelers and their employers an automated and touchless travel expense management process.
Comdata Partners With Noventis to Expand Virtual Cards
According to a recent announcement, B2B payment technology providers, Comdata and Noventis, have come to a multi-year agreement to leverage each other’s technology to provide greater value to their corporate finance customers. Comdata, which is one of the largest virtual card issuers, will begin using the Noventis processing technology to automate payments to telecom suppliers that do not accept standard virtual credit card payments. Comdata already reports to have more than 700,000 suppliers accepting its virtual cards. Through this partnership, they will be able to eliminate even more paper check payments to simplify the payments process. Noventis in turn, will now be able to deliver virtual credit cards that are issued by Comdata to its network of suppliers.
Wirecard Partners with B2B Networking Platform, Mercateo Unite
Wirecard, a payments company with headquarters in Germany, has partnered with the B2B networking platform Mercateo Unite. Mercateo operates one of the largest B2B marketplaces in Europe, and Unite is its supplier-neutral B2B networking platform that digitally maps collaboration for business relations and facilitates B2B trade and procurement for buyers, retailers, and manufacturers throughout Europe. The platform allows corporate customers to structure their time and resource management processes in a more efficient way by connecting them directly with business partners. Through this partnership, Wirecard will be offering a custom accounts solution and a digital interface so that Mercateo will be able to provide same-day processing of all financial transactions. Customers will be able to manage their purchasing and sales processes more efficiently.
SAP Concur Signs New Reseller Agreement with MicroChannel
SAP Concur, the Washington-based provider of Travel & expense management solutions for businesses, has recently signed a new Australia/New Zealand reseller partnership with MicroChannel, an Asia-Pacific business solutions and technology provider. Through this partnership, MicroChannel will sell SAP Concur products to its own client base. MicoChannel offers seemless integration of SAP Concur with different business systems like SAP Business One, Sage 300, and Micosoft Dynamics. For SAP Concur, this partnership follows their company objective of exploring new channels and further targeting the SMB space. Customers will be able to integrate SAP Concur within their broader ERP ecosystem, which should make the expense and invoice management process more streamlined.
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