Corcentric, a provider of cloud-based financial process automation solutions, launched an e-payments solution to help 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, reduces accounts payable and payment costs and manages the cost of growth, the company says. Corcentric manages all forms of payment – ACH, paper check and credit cards.
Corcentric’s new e-payments solution was announced at the TMW/PeopleNet in.sight User Conference + Expo 2016 in Nashville, Tenn. It 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.
“With over 74% 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,” said Matt Clark, COO of Corcentric. “By automating the full lifecycle of a transaction, including the elusive payments portion, organizations can have greater visibility into spend and dramatically reduce costs.”
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 allows 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 played a role in the market adoption of virtual credit cards for B2B payments, according to Corcentric.
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