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!
Certify Acquires Expense Reporting Solution Provider Abacus
Certify, a travel and expense management software provider based in Portland, Maine, has recently announced the acquisition of Abacus, a provider of a real-time expense reporting solution. Certify already supports more than 10,000 enterprise, mid-market, and SMB customers in North America. By adding Abacus to its product portfolio, Certify is able to continue to accelerate its growth within the expense management landscape. As the largest independent provider of travel and expense management software, Certify is able to serve an even more diverse range of customers now. Abacus, which was founded in 2013 and is headquartered in New York, will look to grow its market presence by leveraging Certify’s resources and expertise. While its team will join Certify’s, the Abacus product will continue to be independent. Abacus’ technology suggests expenses to users by leveraging data and previous behavior. This bypasses the traditional expense report and provides customers with real-time visibility into company spend, while minimizing the chances for errors. The deal’s financial terms were not disclosed.
Basware Releases New Analytics Dashboard
Basware, the global provider of P2P solutions, has recently released new enhancements to its analytics dashboard. These enhancements will help customers to better visualize data related to their payment plans. Customers will be able to see high-level trends and dig into more specific details regarding spending. There is also customizable reporting features that allow users to gain enhanced analysis from the out-of-the-box reports already available, and get deeper insights. Within Basware’s Purchase-to-Pay solution, there are two dashboards for users to view.
- Payment Plan summary dashboard enables users to see active payment plans they have with various suppliers. Users can see details on how much spend is committed, how much is being matched, and how much is remaining on each payment plan.
- Payment Plan Compliance dashboard gives users greater visibility into invoices that are not matching. It helps ensure that payment plans are not failing and that they are properly configured.
BMO Financial Group Partners with Conferma to Bring Virtual Payment Benefits to Travel
Canada-based financial services provider, BMO Financial Group (BMO) this week announced a new partnership with Conferma, a global fintech company that specializes in virtual payments and is headquartered in England, to bring virtual card payment technology to BMO corporate card clients. This new, joint solution which is backed by Conferma’s ecosystem of travel management and partners, will provide BMO’s North American clients with a more secure and cost-effective way to manage business travel. This new offering enables simplified digital payments by the creation of a single-use virtual card number that can be used within booking platforms to pay travel suppliers. The new product is expected to be made available later this month.
Citrusxchange Launces Blockchain-based Supply Chain Financing Platform
Canadian startup, Citrusxchange has recently announced the release of a new blockchain-based platform for supply chain and invoice financing. The new platform, dubbed “Kwikxchange,” will allow SMEs to apply for loans from multiple lenders and banks. The platform provides seamless connectivity to credit agencies that support quick onboarding and an inbuilt scoring engine that calculates the forecasted business. This enables underwriters to make fast decisions, and why Citrusxchange is able to promise near-instant access to financing. Citrusxchange says that it is contracting with banks and finance firms around the globe, and expects to first launch in India, Kenya, Indonesia, and the UAE.
Microsoft, KPMG Partner on B2B Solution
In a press release issued earlier this week, Microsoft and KPMG Australia announced the launch of Wiise, a new joint-venture business management solution. Wiise, an integrated cloud-based platform, provides SMEs with a holistic management offering that includes payroll, accounting, banking, inventory, and other back-office functions. The solution combines the intelligent cloud-services, and machine learning capabilities of Microsoft Azure cloud, with the smart analytics tools and global reach of KPMG. Wiise will initially launch in Australia with plans for a global rollout in 2019.
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