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!
Esker to Offer New PunchOut Catalog Feature
Esker, a Wisconsin-based document process automation provider, this week announced the launch of a new PunchOut catalog for its Purchase-to-Pay (“P2P”) automation solution. The new functionality will allow Esker customers to “punch out” from their procurement application to select online catalogs. Users can then order anything online without having to leave Esker’s P2P solution. As a result, users will save time while purchasing at contract-negotiated prices. Esker offers a cloud-based platform that automates the entire P2P process. Esker is enhancing the scope of its P2P solution by combining it with e-commerce. Users will be able to access vendor catalogs from the Esker solution, which will simplify the procurement process. Once items are placed in an online cart, the purchase requisition is automatically sent for approval. Approvers can then validate directly on Esker’s portal or mobile application. There are also real-time metrics and reporting capabilities which help increase visibility and control over spend. All of this should allow users a more seamless and uninterrupted workflow process, by letting them search, select, and have purchases approved in one go.
American Express Offers Early Pay Supplier Payment Options
Global payments company, American Express (NYSE:AXP) has just announced the initial launch of Early Pay, a new supply chain finance and dynamic discounting solution. Early Pay is the latest addition to AMEX’s suite of business financing options. Eligible large US companies that buy goods and services from US-based suppliers will be able to leverage the solution as a way to increase cash flow, generate working capital, and make the supplier payment process more efficient. Suppliers will also be able to access the digital platform, and have their invoices paid earlier than their original payment due date at a competitively-priced early payment discount. Companies can now leverage their accounts payables to help reduce the costs of purchases, while being able to offer flexible payment terms to eligible suppliers. Early Pay will enable buyers to choose how they want to fund early payments to suppliers during implementation. One option is having AMEX fund the early payments on the buyer’s behalf. This will allow the buyers to maintain payment terms, increase cash flow, meeting working capital needs, and reduce costs. Buyers will then pay AMEX back on the original payment date. The other option is having buyer’s self-fun the early payments to suppliers. This allows buyers the ability to capitalize on discounts to reduce costs.
Tradeshift Announces Strategic Partnership with Coface
In news this week, Tradeshift, the California-based provider of supply chain payments and marketplaces, and Coface, a global credit insurer that offers its customers solutions to protect them against the risk of financial default of their clients, have announced a new strategic partnership. Through this partnership, the companies are working together on combining their business ecosystems and expertise to co-develop solutions for their customers. The two companies have also announced a new app solution which will be run on the Tradeshift platform. Coface will make business information available through a Coface app and integrate with Tradeshift’s platform. By bringing a new Coface app into the Tradeshift platform, users will have easier access to risk and business information services.
Eximchain Launches Global Supply Management Platform for Blockchain
Eximchain, a blockchain-based supply chain platform startup that was founded in 2015 at MIT, recently launched its mainnet (the actual blockchain “end product” that carries out the functionality of transferring digital currency from senders to recipients). The company is partnering with several other technology and supply chain brands, including sourcing platform YOOSourcing, and Enigma, a technology platform that enables privacy and scalability on the blockchain. Eximchain will connect more businesses with its unique blockchain platform, which will help reduce costs and increase process efficiencies. Eximchain builds use-case specific applications on its mainnet, which will allow both big and small supply chain players access to more information about upstream supply and downstream demand in real-time. This will allow them to get their credibility verified through a public blockchain to help in financing and new contracts, manage applications and take part in governance of their own data.
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