Corcentric that develops financial process automation software has launched its new solution, E-payments to help its customers automate and digitize their payment processes. The process of Accounts Receivable to Accounts Payable will get simplified, reducing the costs of the same and managing the cost of growth by supervising the back-end transactions. The company claims that this new solution handles vendor payments by obtaining a simple payment file from the client, which is then allocated and directed towards its vendors.
Business to business (B2B) transactions are considered to be very complicated as they comprises of different steps, especially when carried out through traditional means, but making the processes automated can further simplify the end-to-end transactions. Corcentric claims to channelize this process with E-payment by fully automating accounts payable processes and digitally managing invoices and purchase orders through to the “last mile of a transaction” – payment. Corcentric manages all forms of payment – ACH, paper check and credit cards.
Matt Clark, COO of Corcentric stated:
“With over 74 percent of companies still issuing paper checks as their payment method of choice, many are bogged down by fee-based models that can drag their clients into the minutia of paying per invoice and other pay-per-use items. By automating the full lifecycle of a transaction, including the elusive payments portion, organizations can have greater visibility into spend and dramatically reduce costs.”
The Virginia-based company partnered with FIS and Comdata to build this solution. FIS’s PayNetExchange payment solution offers an automated payment processor that initiates ACH (Automated Clearing House), Check and Virtual Credit Card payments and Comdata supplies Virtual Credit Cards for B2B payments. With the integration of all, this new solution is created to streamline the processes that goes from accounts receivable to accounts payable.
The solution entails:
- Increased free cash flow by optimizing days payable outstanding
- Reduced costs and improved processes through payment digitization
- Reduced risks across the financial supply chain
- Time savings that allows employees to focus on strategic value projects to your business
- Visibility into spend management