Extends Emburse Pay suite of global payments capabilities; integrated solution eliminates manual check runs, reduces payments errors, and optimizes spend
Emburse, a global leader in expense management and accounts payable automation, announces the launch of Emburse Pay – B2B Payments, delivering strategic spend management for corporate accounts payable teams. Emburse Pay – B2B Payments provides an integrated payables solution for teams to easily manage and track the entire invoice approval and payment process.
“Despite the massive push toward digital transformation during the pandemic, most organizations continue to pay vendors using physical checks. In addition to it being an incredibly inefficient and error-prone process, finance teams are missing out on huge cost-saving opportunities through early payment discounts and card rebates”
Emburse Pay – B2B Payments will allow organizations to save time, lower costs, increase efficiency and enhance the user experience. Finance teams can more easily track and confirm receipt of payments, reducing potential delays and friction with vendors. Reducing the need to print and mail physical checks by leveraging payments technology such as cards and ACH enables organizations to maintain better control of the payment process and timing and manage spend strategically. In addition, the ability to rapidly process invoices, coupled with the ability to pay in one system, enables organizations to optimize cash flow and take advantage of rebates and discounts.
Read More: Bakkt Expands Reach of the Digital Wallet Experience to Send Digital Assets to Anyone
“Adding Emburse Pay – B2B Payments to Chrome River Invoice was a natural next step for us. After seeing the benefits of increased efficiency and error-free payment processing, we were excited to roll out B2B Payments and complete the AP lifecycle in an automated fashion,” said Marissa Navarro, controller at Mitchell Silberberg & Knupp LLP.
“Despite the massive push toward digital transformation during the pandemic, most organizations continue to pay vendors using physical checks. In addition to it being an incredibly inefficient and error-prone process, finance teams are missing out on huge cost-saving opportunities through early payment discounts and card rebates,” said Rajeev Subramanyam, general manager of Emburse Pay. “Our Emburse Pay suite of solutions was designed to streamline what has traditionally been a time-consuming and inefficient process – manually reconciling corporate payments. In B2B Payments, we have taken what has traditionally been a very cumbersome process and integrated it into our AP solutions’ workflow.”
Read More: i2c Becomes First Company to be a Visa Fintech Fast Track Member in Four Regions
WEX, a global financial technology services provider, is the launch partner on Emburse Pay – B2B Payments. WEX will provide comprehensive virtual card, check and ACH services, which are seamlessly integrated into Emburse’s AP solutions.
“Partnerships are key to WEX’s strategy, and we are thrilled to collaborate with Emburse to bring this new offering to market,” said Jay Dearborn, president of corporate payments at WEX Inc. “In a recent WEX survey, 42% of executives identified modernizing technology and platforms as their post-pandemic priority. Emburse understands the importance of investing in digitization as it aims to enhance seamless customer experiences across ACH, check, or virtual card payments.”
Read More: Daily Fintech Series Roundup: Top Fintech News, Analytics and Insights