Ardent’s P2P Technology Round-Up returns today with another assortment of ePayables, procure-to-pay (P2P), and B2B payment solution provider news and updates from the past week. If you are an Accounts Payable (AP), 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!
Basware Launches NetworkPay Solution for Supplier Payments
Basware, the financial supply chain provider headquartered in Finland, has launched NetworkPay, a new payments automation solution. NetworkPay is an integrated payment solution that allows organizations to make check, ACH, virtual card and wire payments from a single application. The solution will allow buyers to eliminate manual payment processes and help them take advantage of early payment discounts that suppliers offer. Clients can generate rebates on their spend, completely automate their purchase-to-pay process and fund the cost of the software through earned processing efficiencies — all without changing existing business processes. For suppliers this translates into faster payments, DSO reduction and better control over cash flows. NetworkPay will be immediately available in North America.
Kofax Adds Self-Registration and Onboarding Capabilities for ReadSoft Users
Kofax, a payments automation software provider headquartered in Irvine California, this week announced the availability of Kofax ReadSoft Online 9.2, which adds new and simplified self-service and onboarding capabilities for customers seeking access to Kofax’s SaaS-based invoice processing and AP solution. Readsoft Online is an invoice capture and process offering on Microsoft Azure. Invoices can be scanned, uploaded or e-mailed directly into ReadSoft Online and business critical content can be extracted and verified, which reduces the need for manual data entry. With the updated features, new customers will be able to gain increased productivity and cost savings that will enhance the user experience.
SAP Concur Launches New Budgeting Tool for SMBs
SAP Concur, the expense and invoice management solution provider, has released a new budgeting solution for SMBs. The new solution, called Budget, is a connected platform designed to track spending before and after it occurs. It will also make budget data visible in real-time. Budget will integrate data from the other SAP Concur solutions, like Expense, Invoice, Purchase Request, and Travel Request, in one dashboard. The dashboard should allow budget managers greater visibility and control over spend, and allow them to manage their budgets more accurately and efficiently. Decision-makers will be able to set permissions from visibility to approval rights, and also set predetermined limits on budget buckets. There is also auto-email alerts when budget thresholds are reached. The Budget solution is integrated with financial systems via a public API.
Flywire Raises $100M in Latest Round of Funding
Flywire, a provider of international payment and receivables solutions with headquarters in Boston, recently announced $100M in new venture funding. The Series D round of funding was led by Temasek, an investment company headquartered in Singapore, with additional investments coming from existing Flywire investors Bain Capital Ventures and F-Prime Capital. Flywire, which has seen rapid growth across its business in the last year both domestically and internationally, will leverage the new investment to accelerate its growth in North America, Europe and Asia-Pacific while also establishing a presence in emerging markets such as Latin America, the Middle East and Africa. Flywire will also look to expand its share of the commercial payments and receivables sector, and look to bring in new domestic payment capabilities to Europe and Canada.
Xero Acquires Document Capture Solution Hubddoc
Xero, a New Zealand-based provider of cloud accounting software for SMBs, has recently acquired document management solution provider Hubdoc for $70 million. Hubdoc, which is headquartered in Toronto and with offices in the US, Canada, UK, and Australia, offers a data capture solution to help businesses streamline administrative tasks such as financial document collections and data entry. Hubdoc has been a Xero ecosystem partner since 2014, and will continue to operate as a standalone business within Xero and be sold separately to both Xero and non-Xero customers. Xero provides automated reconciliations, expenses, and invoices, and through this acquisition, financial transactions will automatically be matched with bank feed transactions in Xero. This acquisition should also help accelerate Xero’s ability to streamline the collection and classification of data for small businesses, and allow key decision-makers to drive better business outcomes.
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