Corcentric, a global provider of business spend management and revenue management software and services, announced it has rebranded Vendorin, its B2B payments solution subsidiary acquired in 2020, as Corcentric Payments. Under one unified brand, the company can monetize transactions through payments, supply chain finance, and group purchasing, as well as move payments to electronic forms, increase overall supplier acceptance, and fully automate organizations’ accounts receivable (AR) and accounts payable (AP) processes.
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“Corcentric is relentlessly focused on our customers, which is why we are looking continuously for ways to help businesses reduce costs and unlock new potential through our solutions,” said Matt Clark, President and Chief Operating Officer at Corcentric. “As pandemic conditions continue causing companies of all sizes to shift to electronic payments, our combination of a stellar supplier network and an integrated true payment network makes Corcentric a single, formidable force.”
According to a survey from PYMNTS.com and Corcentric, 71% of CFOs have increased their use of digital payments since the pandemic’s onset. Digitizing payments is a key way finance leaders can achieve their companies’ top business priorities, finds a Forrester Consulting study commissioned by Corcentric—yet over half (51%) of finance leaders say they still struggle with a lack of payment digitization, which can bog down cash flow processes.
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Vendorin’s rebranding as Corcentric Payments comes a year after the company’s unification of source-to-pay software provider Determine, e-billing provider Netsend, and strategic sourcing services provider Source One under the Corcentric name—all former acquisitions.
Today, Corcentric provides a suite of Source-to-Pay and Order-to-Cash solutions along with a proprietary B2B payments network comprising nearly half a million buyers and three times as many suppliers. Through a combination of cloud-based software, payments, and advisory services, the company empowers customers to enable growth, optimize working capital, enhance visibility, and minimize risk, processing over $100 billion in transaction volume annually.
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