Transcard, a global leader in payments and technology solutions, today announced a strategic partnership with Previse to embed Previse’s early payment discount solution in Transcard’s SMART Exchange account-to-account (A2A) payment platform
Transcard, a global leader in payments and technology solutions, announced a strategic partnership with Previse to embed Previse’s early payment discount solution in Transcard’s SMART Exchange account-to-account (A2A) payment platform.
Previse’s artificial intelligence (AI)-driven technology enables day-1 payments to suppliers that otherwise might have taken weeks or months. Trained on billions of dollars’ worth of invoice data, the Previse solution automatically assesses which invoices are likely to be paid and provides suppliers with the option of receiving immediate payment, simply by clicking a button.
Embedding Previse’s early payment discount technology into Transcard’s SMART solution suite makes it easy to accelerate payments to suppliers. Suppliers submit their invoices as they do today. For invoices that suppliers have chosen to finance, Previse makes the payment, less a fee, ahead of the payment terms through Transcard’s SMART Exchange A2A payment platform. SMART Exchange digitally connects buyers and suppliers through their banks and ERPs. Buyers continue existing invoice approval and adjustments with settlements being done by Transcard’s SMART Disburse.
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Financed payments are ideal for suppliers of any size that need a cost-effective and predictable way to accelerate their cash flow. Buyers can meet demand from suppliers for faster payment, without impacting the cash on a buyer’s balance sheet. Paying suppliers faster also can reduce the number of calls and emails buyers receive from suppliers inquiring about the status of invoices and payments.
“This partnership creates new possibilities in the trading workflows between buyers and suppliers,” said Transcard President Chris Fuller. “Suppliers access cash earlier and more efficiently compared to traditional financing options. And buyers can accelerate payments to suppliers, strengthen their supply chains, and share in financing revenues, without impacting their own working capital.”
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“Previse is changing the way that business is done between buyers and sellers,” said Steven Lauricella, Head of Business Development at Previse. “We are very excited about this partnership with Transcard. By embedding our next generation early payment technology into Transcard’s SMART Exchange platform, Previse can give suppliers more control over when they get paid.”
