Corcentric, a provider of cloud-based financial process automation solutions, has launched its newest product, an e-payments solution to help its customers further automate and digitize their payments processes.
This integrated, end-to-end solution automates back-end accounts payable and payment transactions, processes all of a company’s disbursements, dramatically reduces accounts payable and payment costs and efficiently manages the cost of growth. Corcentric manages all forms of payment – ACH, paper check and credit cards.
Corcentric’s new e-payments solution seamlessly handles vendor payments by obtaining a simple payment file from the client, which is then allocated and directed towards its vendors. Corcentric handles all vendor management and supplies confirmation of payments in an easy-to-use file.
Corcentric’s e-payments solution benefits include:
• 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
Using paper checks is still a prevalent practice for B2B payments, and combining the costs for both incoming and outgoing check payments, organizations that process in excess of 20,000 checks per month may see total transaction costs for checks in the neighborhood of $1 million per year, according to the 2015 AFP Payments Cost Benchmarking Survey.
Corcentric partnered with FIS and Comdata to create this integrated payments solution. FIS’s PayNetExchange payment solution provides an automated payment processor initiating ACH, Check and Virtual Credit Card payments. This system also makes it easier for clients to check payment status, approve payments and run reports. It also includes a vendor portal to manage payment preferences, view payment history and access remittance information.
Comdata will supply the Virtual Credit Cards and has been a pioneer in the creation and market adoption of virtual credit cards for B2B payments. The company’s system enables market-leading controls and supplier acceptance, allowing Comdata to become the second largest commercial issuer of MasterCard in North America.
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