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. You can jump to specific news items by clicking the links below. Thanks, and enjoy!
SAP Ariba to Partner with Vertix Inc. for Tax Compliance Integration
Oildex Announces Supply Chain Finance Program
Expensify to Collaborate with Wells Fargo on New Bank Program
Bamboo Rose Partners with invoiceXcel to Offer Supplier Financing Solution
Centtrip Launches Real-Time Payments Service
SAP Ariba to Partner with Vertix Inc. for Tax Compliance Integration
It was recently announced that SAP Ariba has partnered with Vertix Inc. to provide tax compliance integrations within SAP Ariba applications. Vertix Inc. is a provider of both cloud-based and on premises indirect tax solutions, and will offer an extension that will leverage an SAP Ariba API that enables companies to obtain tax calculations from within specific SAP Ariba solutions. The extension will also support the requisition and invoice reconciliation parts of the tax process. This partnership should help simplify sales and procurement activities for SAP Ariba customers by providing an integrated and automated tax calculation process.
Oildex Announces Supply Chain Finance Program
Oildex, an accounting automation solution provider for the oil and gas industry, has just announced the availability of its Supply Chain Finance (SCF) Program through its OpenInvoice, automated payables platform. The program is part of Oildex’s recent Innovation Agenda to develop and deliver new solutions that provide benefits to both operators and suppliers. The SCF program is enabled through Cass Information Systems, which has been a long-term strategic partner for Oildex. Cass information Systems will pay suppliers quickly, less a competitive 2.5% discount. As a result, suppliers get fast payment on their receivables (within 1-2 days of invoice approval). This also allows operators to maintain or extend their payment terms, which will help maximize working capital returns. Operators will also receive quarterly rebates based on their credit profile and payment terms.
Expensify to Collaborate with Wells Fargo on New Bank Program
Expensify, a travel and expense reporting app provider, has recently announced its new bank program, ExpensifyApproved!, with Wells Fargo as its first major partner. This partnership is driven by new API technology that will provide customers of both Expensify and Wells Fargo with enhanced security and greater control over access to bank transaction data. Other improvements include a faster card setup process, easier access to historical activity, and more detailed snapshots of transaction data. In addition, mutual customers will have more secured personal data, via the API technology.
Bamboo Rose Partners with invoiceXcel to Offer Supplier Financing Solution
Bamboo Rose, a B2B marketplace that offers Product Lifecycle Management (PLM), Sourcing, and Global Trade Management solutions, recently announced that it will offer new supplier financing to its customers via InvoiceXcel, an invoice and working capital solution provider launched by the investment bank, Seaport Global. This partnership will allow suppliers on the Bamboo Rose platform to receive early payments on their invoices. Suppliers will be able to log-in to the invoiceXcel web-based platform and select invoices that are eligible for early payment. This partnership provides a win-win for both buyers and suppliers as buying organizations will be able to extend their payment terms, and suppliers can get paid earlier and generate more cash on hand.
Centtrip Launches Real-Time Payments Service
Fintech provider Centtrip has recently launched a new payment service to help reduce transaction times for businesses. The new service, called CenttripNow, will allow businesses to make instant local and international payments in up to 15 different currencies, completely free of charge. Clients of Centtrip will also be able to open sub-accounts for different regions and/or cost centers. Finance leaders are able to assign administrators and set up different user permissions that can simplify and tailor the Centtrip reporting feature across each sub-account and make individual and batch payments instantly and free of charge, managing all activity from a master account. Funds from any sub-account can be used for payments, conversion of currencies, and the transfer of funds to and from associated multi-currency cards. This will help businesses navigate currency fluctuations and free them from the constraints of different banking hours and time zones. It should also speed up the payment process for users, which will help mitigate any risk of delayed or lost payments.
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