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!
Bottomline Technologies Reports Fiscal Year-End Results
Bottomline Technologies (NASDAQ: EPAY), the cloud-based business payment, invoice, and digital banking solution provider headquartered in Portsmouth, New Hampshire, recently announced financial results for the 2018 fiscal year. Highlights include:
- $262.4 million in subscription and transaction revenue, up 18% compared to last year
- $394.1 million in overall revenue, up 13% compared to last year
- $93.7 million in adjusted EBITDA, an increase of 25% from last year
- $1.27 core earnings per share for the year, compared to $0.99 in the prior year
- $10.6 million GAAP net income, compared to $33.1 million GAAP net loss from last year
Cvent Partners with Citi on Integrated Commercial Cards
Cvent, a provider of cloud-based meetings, events, and hospitality technology, with headquarters in Tyson’s Corner, Virginia, this week announced a new strategic alliance with corporate card giant Citi. Through this partnership, Cvent will be able to leverage Citi’s global network in Commercial Cards. Cvent and Citi clients will now be offered a simplified payment path to settle any Meetings & Events expense with a Citi payment product, all while never leaving the Cvent event management platform. Cvent’s event management software will also integrate with Citi’s Virtual Card Account functionality. This will allow joint clients to request a Citi Virtual Card Number directly through Cvent’s platform. Clients will be able to make meetings-related expenses from the same tool where the expense was sourced, budgeted, and invoiced. This should make the end-to-end meetings payment process more accurate, and result in a less time spent on consolidating M&E expenses.
Commonwealth Bank Launches New Blockchain Project for Supply Chain
Commonwealth Bank (CBA), an Australian multinational bank with businesses across New Zealand, Asia, the United States and the United Kingdom, has launched a new blockchain platform with the goal of helping re-configure how information gets shared across global supply chains. The new platform is supported by distributed ledger technology, smart contracts and the Internet of Things (IoT). Partners that utilize the Blockchain-enabled supply chain, will be able to upload and access key documents, like the bill of lading, as well as other documents required by customs. Through the use of IoT devices inside shipping containers, partners will also be able to view and monitor the location of shipments, and track other factors like temperature and humidity. The use of Blockchain technology allows users to better track and understand the volume of shipments that come through the supply chain, and better prepare for trade demands in the future.
PayStand Integrates with Xero for B2B Payment Optimization
Earlier this month, PayStand, a California-based B2B payments platform, announced an integration with Xero, a New Zealand-based provider of ERP software for SMBs. The PayStand Integration is the only plug-in for Xero that offers all the payment methods that businesses require. Through this partnership, Xero users will be able to accept bank (ACH, Smart ACH/eCheck) and card (debit, credit) payments directly in sales orders and invoices. The PayStand plug-in will be available directly in the Xero Marketplace. This should speed up time to cash, automate accounting processes, and lower transaction costs.
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