Noventis, a payment processing firm, has signed multi-year agreement with B2B payments provider Comdata to strengthen the use of their respective virtual credit cards and payment processing technology.
Under the terms of the deal, Noventis will supply Comdata-issued virtual credit cards to facilitate payments for its network of suppliers.
To allow payments for telecom suppliers who do not accept virtual cards, Comdata will in turn leverage Noventis’ processing technology to automate transactions.
Comdata president of Corporate Payments division, Kurt Adams said: “Both our companies are obsessive about removing friction between buyers and suppliers to enable fast, secure, electronic payments.
“But we’ve been focused on different pieces of the puzzle. Now we can use each other’s technology to improve our own capabilities.”
As currently more than 700,000 suppliers are accepting Comdata virtual cards, the new alliance is expected to aid in replacing more paper check payments.
Noventis CEO Steve Taylor said: “This agreement furthers a strategic tenet of Noventis’ market strategy in B2B payments around elimination of checks through our proprietary straight through processing (STP) capabilities.
“Comdata’s capabilities and scale in card-issuing, along with our expertise in processing and accounts receivable posting, aligns perfectly with Noventis’ core mission to accelerate the adoption of electronic payments in the B2B sector.”