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!
Tradeshift Announces Partnership with Canon Business Process Services
Tradeshift, the cloud-based business networks provider, has recently announced a new partnership with Canon Business Process Services Inc. This strategic partnership will help joint customers within the FORTUNE 1000 to strengthen their supply chain processes. This can be done through a range of solutions that allow businesses to take more control over their source-to-pay process. Canon, which is a provider of business process outsourcing services technology, will be able to leverage Tradeshift’s business commerce platform to help its clients with their source-to-pay processes.
Medius Announces Corporate Summary
Medius, a cloud-based AP invoice automation provider, recently released a summary of its Fiscal year 2017 (FY17) performance results. During the second half of 2017, Medius was acquired by the global investment firm, Marlin Equity Partners. Since the acquisition, Medius has been able to leverage the network and industry experience of its new owners to continue business growth on a global scale. Medius has also focused on the development of its product. These efforts translated into advanced reporting functionality, improved tools to measure AP process efficiency KPI’s, and a self-service onboarding portal for SME customers. Financial highlights from 2017 include:
- The total net customer base grew by 10%.
- New Annualized Contract Value (AVC) sales grew to $7.2M.
- Recurring revenue accounted for 69% of total revenue and subscription revenue grew by 33%.
MetaBank Announces Relationship Renewal with Money Network
MetaBank, a provider of payment and banking solutions and a wholly-owned subsidiary of Meta Financial Group Inc., recently announced the renewal of a strategic relationship with Money Network Financial, LLC. Money Network is a provider of paperless payroll and retail prepaid solutions, and currently MetaBank supports a range of its payments programs. One of these programs is the Money Network Electronic Payment Delivery Service, which gives large organizations a way to provide employees the option to receive payments electronically. MetaBanks’s suite of electronic payments solutions includes prepaid cards and credit products. The two providers have worked together since 2005.
Fundbox Announces New Payment & Credit Solution for SMBs
Fundbox is a small business (SMB) lending company that just announced the launch of Fundbox Pay, a new payment and credit solution for B2B transactions in the US. Through this solution, Fundbox will facilitate credit payments between buyers and sellers. Businesses will no longer have to extend each other credit and wait for payments. Buyers will be able to make purchases with Fundbox Credit and sellers will get paid right away (less a processing fee). They will have 60 days with no interest on their purchases but can choose to extend their terms for a fee. The Pay network allows Fundbox to provide better terms to customers who may otherwise not have immediate access to credits.
Amazon to Offer Small-Business Credit Card
There has been news that Amazon Inc. is looking to expand its SMB financing operations, and is currently in talks with JP Morgan Chase & Co. to offer a co-branded credit card for small business owners who make purchases on their website. Amazon has been pushing to provide companies with all of their office supply needs for some time. Back in October of 2017, Amazon launched a Prime membership program for businesses that offered faster deliver. The new card will feature rewards points for purchases, and may end up with additional offerings, like business insurance. More to come, as this story develops.
Direct Commerce Announces Enhancements to P2P Platform in EMEA
Direct Commerce, the cloud-based technology platform provider, based in San Francisco, announced earlier this week the completion of enhancements to its P2P product platform. Direct Commerce has been focusing its enhancements on addressing the complexities of the trans-national supply chain landscape. These enhancements include new European VAT rules, an expanded multi-currency transaction engine, and configurable eInvoicing templates to address the many government compliance standards that exist. These should provide customers and suppliers with automated processing of invoices and payments on a global scale.
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