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!
Certify Launches New Purchasing Solution, Enters P2P Market
Certify, a provider of travel and expense management software, has launched Certify Purchasing, a new SaaS-based solution that automates the entire procure-to-pay process. This announcement is the first move into the P2P market for the Portland, Maine-based company. The new Certify Purchasing solution automates key purchasing tasks like requisitions and vendor payments, to help reduce human error and increase spend oversight. The solution also has routing capabilities to streamline the P2P process throughout the organizations. Line-of-business managers will be able to define purchase-approval thresholds, tolerances, escalations and proxy configurations. Users of the new solution can access the platform from a desktop or mobile-phone. After purchases are approved, the system provides two- or three-way digitally matched purchase orders. The launch of Certify Purchasing, is another development in Certify’s rapid growth over the last year, and the company is now looking to expand from its proven businesses processes and products within T&E, into the wider P2P function.
MineralTree Integrates with MasterCard on Virtual Payment Technology
This week, MineralTree, a Massachusetts-based ePayables and payment automation provider for the mid-market, announced that it will integrate Mastercard’s commercial card spend management solution, In Control with its platform in order to help drive the growth of B2B payments using commercial virtual cards. MineralTree is integrating the MasterCard tool in order to promote the use of virtual commercial cards in AP. With the out-of-the-box integration to MasterCard In Control, financial institutions will be able to offer their clients a way to convert paper checks to virtual cards, which should provide greater working capital benefits, and a more secure way to pay vendors. The Invoice-to-Pay solution will be pre-integrated with MasterCard In Control, which will ensure easy on-boarding for MasterCard issuers and clients.
KnowledgeLake Inc. Acquires RPA Technology Company RatchetSoft
Also this week, KnowledgeLake Inc., a software and service provider of Microsoft SharePoint ECM solutions, has announced the acquisition of RatchetSoft, a U.S.-based robotic process automation (RPA) technology provider. Through this acquisition, KnowledgeLake customers will be able to leverage intelligent document capture, workflow, and RPA in a cloud content platform. Customers use Ratchet-X RPA to automate and integrate existing processes and applications without having to modify existing software or involve the related software vendors. KnowledgeLake, has partnered with RatchetSoft and deployed Ratchet-X RPA to its customers since 2012. The acquisition, which was finalized on December 31, 2018, will help round out KnowledgeLake’s offering and will bring new capabilities to both companies’ customers. RatchetSoft adds hundreds of customers to the KnowledgeLake base, as well as partnerships with other leading ECM providers. Financial terms of the acquisition were not disclosed.
U.S. Bank Subsidiary Elavon Acquires CenPOS for Enhanced B2B Payment Capabilities
Elavon, an Atlanta-based payments provider, and a subsidiary of U.S. Bancorp (U.S. Bank), has announced the acquisition of CenPOS, a Miami-based provider of integrated payment software solutions for large enterprises. Elavon, which provides end-to-end payment processing solutions to customers in North America and Canada, will integrate CenPOS’ B2B payments functionality into its existing solutions. This should enable customers to adopt payment software with acceptance and processing functionality already embedded within the solution. The CenPOS technology should bring new market expertise to Elavon’s current technology solutions, and adding CenPOS under the U.S. Bank umbrella should provide greater scale and payments capabilities. The acquisition closed on January 8, 2019, and financial terms of the deal were not disclosed.
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