Medius, a leading provider of AP Automation and wider spend management solutions, today announces the full integration of OnPay Solutions into the Medius platform, providing an end-to-end payments offering for customers in North America.
The acquisition of Jacksonville-based OnPay Solutions in March 2022 enables the company to integrate payments into its source-to-pay platform. The six-month integration has combined OnPay Solutions’ technology, its network of 360,000 vendors and 40 different banking integrations into Medius’s source-to-pay suite.
Read:Â Let’s Understand Crypto In A Layman LanguageÂ
For customers, this means increased operational efficiency and control by simplifying, streamlining, and automating the payments workflow. The integration also provides customers with complete visibility and control over supplier payment details and set-up within Medius, with added security checks. This is a significant benefit in the current economic climate, speeding up the operational process, with the potential for cost savings and reduced risk exposure.
The platform offers a progressive pricing model designed to return even more value back to clients. Organizations that use the platform to automate their invoice payments benefit from a guaranteed annual dividend – a cash rebate – on their spend, opening a new revenue stream into their organization. This dividend forms a part of the supplier outreach program, engaging with suppliers on the move from expensive check payments to virtual card payments, powering the ability to deliver a guaranteed dividend to customers.
The acquisition and integration also mark the next step in the expansion of Medius’s U.S. operations, providing a U.S. hub for payments, particularly in Jacksonville, where half of its new hires will be based, which includes professional services, customer support and development.
Daniel Ball, SVP Innovation, Medius, comments: “Business leaders across the globe face turbulent times ahead, and many are already struggling with cash management, inefficient processes, and the rise of fraud. In everything we do, we aim to make our customers’ lives easier. The integration with OnPay Solutions is just one example of that.”
“While many Accounts Payable departments deploy automation to streamline invoice processing, significant inefficiencies still exist in the ‘last mile’ of the AP process: payments. By bringing payments processing within the platform, we can provide this service to our U.S. customers. Going forward we will continue to invest across the procure-to-pay process, and double-down on fraud and risk mitigation.”
Neal Anderson, VP Payments Strategy, Medius comments: “Since Medius’s acquisition of OnPay in March, we’ve gone from strength to strength in improving operational efficiency for customers. Looking ahead, we’re committed to building on our partnership, in furthering innovation within the AP process.”
“Jacksonville is a burgeoning tech hub bursting with tech talent, including the best and brightest tech graduates, and is following a similar trajectory to cities like Austin, Miami, and Nashville. Jacksonville is already home to several innovative fintech businesses, and we’re proud to be a part of that growth.”
Medius Pay customer, Coastal Construction Product, David Sheffield, CFO, comments on his experience: “We use Medius Pay to send ACH payments and Virtual Card payments to our suppliers and vendors. The solution has been a perfect bolt-on to Microsoft Dynamics and connects us with our existing bank accounts. Medius Pay even recently migrated our ACH disbursements from our old bank to our new bank.”
Clint Blaylock, VP of Payments, Restaurant 365, another Medius Pay customer says: “Our partnership with Medius Pay has truly positioned us to offer an automated AP solution to our restaurant customer base. Not only has the process been seamless but leveraging the ‘graybox’Â design has allowed us to maximize operational efficiency and maintain the proper control for our audits.”
The integration with OnPay Solutions adds to Medius’s global payments capability, catering to the specific needs of U.S. customers. The Medius Pay application has continued to develop at pace over the course of the past six months, with the focus being on strengthening the applications anomaly, fraud, and risk detection capabilities.
Medius has ramped up its work on fraud and risk detection, as businesses are increasingly subject to phishing attacks and payments fraud. Medius intelligently codes payment files and highlights dubious payments to approvers – providing a huge benefit to customers, all while driving adoption.
Read: Cybersecurity Timeline and Trends You Should Know Before Planning for 2023
