The accounts payable world became a little more consolidated this week, with AvidXchange making its second acquisition in less than a year. Also this past week, NACHA announced the approval of a new proposal for same-day payments and Corcentric inked a partnership deal with Nvoicepay. Read on to find out more about all the important payables news from the week that was.
AvidXchange Acquires Houston AP Software Solutions Company, Strongroom Solutions
AvidXchange made its second acquisition in less than a year this week, announcing on May 19 that it had acquired Houston-based Strongroom Solutions. Strongroom, a provider of accounts payable automation tools, focuses on the homeowner association (HOA) industry—a strong complement to Avid’s historical focus on the real-estate vertical. The acquisition adds an additional 200-plus customers to the 4,500 total that includes clients gained after the acquisition of Piracle Payment Systems in late 2014.
The acquisition further cements AvidXchange’s prominence in providing accounts payable solutions to the real-estate industry. Strongroom also intends to move its payments architecture to the AvidPay network, which further cements the importance of that suite. This acquisition makes a lot of sense, particularly because it extends Avid further into real estate and adds a complementary solution to the AvidXchange portfolio. Read the full announcement at http://www.avidxchange.com/news/view/181/avidxchange-acquires-houston-ap-software-solutions-company-strongroom-solutions.
Corcentric Partners with Nvoicepay to Simplify Electronic Payments in the Cloud
This week, Corcentric and Nvoicepay announced a partnership that pairs the COR360 accounts payable solution with Nvoicepay’s electronic payment capabilities to craft a complete procure-to-pay (P2P) solution suite. The combination allows Corcentric customers to pay 100% of their invoices electronically through Nvoicepay’s payment solution, which includes several ePayment options.
The partnership with Corcentric is yet another strategic win for Nvoicepay; the payments solution provider has had several of these partnerships in recent years, all of which expand the solution’s reach to yet more AP departments. Payments solutions like Nvoicepay are especially vital in recent years, as ePayments have garnered more and more attention from finance departments. Read the full announcement at http://www.corcentric.com/news/corcentric-partners-with-nvoicepay-to-simplify-electronic-payments-in-the-cloud/.
Banks Give Green Light to Same-Day Payments
American Banker reported this week that banks in the United States have approved a proposal for same-day ACH payments. The NACHA-developed plan will result in an upgrade to the decades-old ACH infrastructure, and will allow consumers and businesses to send same-day electronic payments between the more than 12,000 financial institutions in the U.S. Voting members of NACHA, which oversees the ACH network, approved the proposal on Tuesday, May 19, marking a turnaround from the last time same-day payments were proposed in 2012.
The approved proposal means two new payment windows will be created in the ACH network, which will allow for same-day settlement. This will result in ACH payments processing even faster through the system—next-day payment was the quickest possible timeframe previously—which gives the payment method a bit of a leg up over other ePayment technologies. The ACH system updates will be completed in stages and finalized by March 16, 2018. Read the full article at http://www.americanbanker.com/news/consumer-finance/banks-give-green-light-to-same-day-payments-1074398-1.html.
BNY Mellon Launches Payments Analytics to Help Clients Release Funds Faster
FierceFinanceIT reported this week that BNY Mellon rolled out a new big data analytics product for its treasury clients. Called Payment Analytics, the solution is designed for organizations that have a high volume of wire transfers, and gives treasury real-time visibility into the straight-through process success rate as well as trend data and the number and type of payment queries. Payment Analytics is designed to complement BNY’s Intraday Liquidity Analytics service, and is available through the same TreasuryEdge portal as the liquidity solution.
This type of real-time information into payments can be a game-changer when it comes to cash optimization. One of the biggest issues with treasury managing working capital well can be a lack of visibility into specific types of data; the Payment Analytics service allows treasury to garner insight into organizational payments data, which is always a good thing. Read the full article at http://www.fiercefinanceit.com/story/bny-mellon-launches-payments-analytics-help-clients-release-funds-faster/2015-05-19 for more.
Direct Insite Announces First Quarter 2015 Results
Direct Insite last week reported its financial results for the first quarter of 2015, notching an $80,000 profit for the quarter on $2.06 million in revenue. Net income was much improved from the prior-year quarter, when the company had an $86,000 loss for the quarter ended March 31, 2014. Recurring revenue increased 5.5% to $1.7 million, because of the November 2014 launch of the PAYBOX™ solution and increased usage from other customers. Read the full release at http://globenewswire.com/news-release/2015/05/13/735630/10134253/en/Direct-Insite-Announces-First-Quarter-2015-Results.html for more.
Concur Moves Asia-Pac HQ to Singapore
AsiaOne reported this week that Concur will move its headquarters in Asia-Pacific from Australia to Singapore in order to better serve the region. Asia takes up 38% of business travel globally, and Singapore is more centrally located in the Asia-Pacific region—as well as being geographically closer to major markets like China—than Australia, which makes it a logical place for Concur’s regional headquarters. Concur also expects much of its growth in APAC to come from China, Singapore, and the rest of Southeast Asia. Read the full article at http://business.asiaone.com/news/concur-moves-asia-pac-hq-singapore for more.
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