Corcentric, a provider of cloud-based financial process automation solutions, has launched an e-payments platform to enable its clients further automate and digitise their payments processes.
The platform will automate back-end accounts payable and payment transactions, process all of a company’s disbursements, and slash accounts payable and payment costs.
Corcentric, which manages all forms of payment – ACH, paper check and credit cards, said its e-payments solution benefits include increased free cash flow by optimising 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; and visibility into spend management.
Corcentric COO Matt Clark said: “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.”
To create this integrated payments solution, Corcentric partnered with FIS and Comdata. FIS’s PayNetExchange payment solution will provide an automated payment processor initiating ACH, Check and Virtual Credit Card payments, while Comdata will supply the Virtual Credit Cards.