The new partnership will help expand Proactis offerings with an AP (Accounts Payable) payments service
UK-based Source-to-Pay (S2P) software solution provider Proactis partnered with the US AP Payment-as-a-Service company Finexio to expand Proactis’ end-to-end software platform offerings. It will now include an AP payment solution that enables optimisation of AP spend and cashflow, while eliminating costly manual processes from B2B payments.
Accounts Payable (AP) refer to a business’ short-term unpaid obligations to its creditors or suppliers. Payables typically occur on a company’s balance sheet as a current liability.
Finexio is focused on end-to-end payment capabilities embedded in AP software platforms, financial institutions, and procurement. The partnership with the firm enables Proactis to offer its customers multiple services, including suppliant enablement, payments-specific strategic account relationship management, payment operation, settlement support, fraud, risk detector, and payments and banking data security capabilities.
Besides, Finexio’s B2B payment technology and software will be added to Proactis’ suite of solutions for mid-market businesses and organisations, enabling them to optimise spend and supply-chain strategies in order to improve their overall performance.
In addition, users will be allowed to leverage Proactis’ Rego Payments services, to get a streamlined AP payments experience with an improved ROI. The service eliminates fraud-prone paper checks, lowers payment costs, and helps avoid manual processes for multiple payment types and channels: wire, virtual card, paper checks, and ACH.
According to the 2020 study, 38% of US companies have begun automating their accounts payable (AP) processes, compared to 24% registered in 2019. Another 20% were anticipated to do the same within the next two years.