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!
Nvoicepay Partners with Symbeo
Nvoicepay, an Oregon-based provider of payment automation software, has recently announced a new strategic partnership with Symbeo, a scan and capture and invoice automation provider (formerly Scan One). Through this new partnership, the two companies have announced the launch of a joint “Invoice-to-Pay” solution for enterprise customers. The new solution will integrate Symbeo’s Managed AP Automation suite with Nvoicepay’s intelligent payment automation platform. Symbeo’s Managed AP Automation suite captures, digitizes, and verifies invoice data when an enterprise receives it via mail, fax or email. Through the new solution, enterprises will be able to manage supplier invoices and payments through one centralized and seamless platform. “Invoice-to-Pay” will help AP departments streamline their invoicing, and remove many of the manual touch points from receipt through payments.
Finexio Partners with EVO Payments on New B2B Payment Solution
Also in the news this week, Finexio, a Florida-based B2B payment network provider, has recently announced an integration with EVO Payments, to create a new “360-degree B2B payment solution.” EVO Payments is a global payment technology and services provider, headquartered in Atlanta, Georgia, and with offices across North America and Europe. The new solution will combine EVO’s suite of payment processing and payment acceptance platform, with Finexio’s electronic payment network that drives electronic payments adoption within AP, and amplify both of the companies’ offerings to provide better service to customers. The new solution should also drive more electronic payment adoption within AP, and close the loop on the B2B payments process for both mid-market and enterprise level businesses.
Visa Prepares Blockchain-Based B2B Product, Partners with Bottomline Technologies
Card giant, Visa, has just announced details surrounding the launch of a new Blockchain-based, digital offering set for release in the first quarter of 2019, called Visa B2B Connect. The new solution will be a distributed ledger-based platform designed to give financial institutions a simple, fast, and secure way to process cross border B2B payments. B2B Connect will have a digital identity feature that will tokenize an organization’s business information such as banking details and account numbers. This will give customers a unique identifier that can be used to facilitate transactions on the platform. In preparation for the commercial launch, Visa is expanding partnerships to add more functionality to the B2B Connect platform. One of the first partners announced is Bottomline Technologies, the cloud-based business payment, invoice, and digital banking solution provider, headquartered in Portsmouth, New Hampshire. Bottomline is working directly with Visa to become the first partner to integrate its solution with B2B Connect. Bottomline and Visa’s mutual financial institution clients who participate in B2B Connect will be able to gain access to the B2B Connect platform, without requiring complex technology updates.
WEX Inc. Acquires Noventis
WEX Inc., a global B2B payments provider, this week announced the signing of an agreement to acquire Noventis, an electronic payments network focused on optimizing payment delivery for bills and invoices to commercial entities. WEX has had a longstanding partnership with Noventis as a supplier of virtual cards that enable payment transactions through the Noventis network. This acquisition should expand WEX’s reach as a corporate payments supplier, and provide more channels to billing aggregators and financial institutions. WEX will look to build upon Noventis’ offerings in the US, which should put WEX in a better position to provide solutions to partners and customers. The combined offering will provide additional payment functionality for Noventis’ customers. The transaction is expected to close in the first half of 2019, and terms have not been released.
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