Corporate spend management company Edenred is launching a new solution to help businesses gain greater visibility of their cash flow.
The company said this week that it will roll out an accounts payable solution using a virtual card payment method, a solution, Edenred noted, that “offers security, speed and traceability” for easier supplier payments and reconciliation.
The accounts payable (AP) tool will also offer a platform through which businesses can manage their cash flow and gain visibility into transactions. This portal, Edenred explained, can help a company understand which payment method is best for each particular transaction, be it virtual card or wire transfer. The solution will provide its corporate clients with incentives to use the virtual card, it said.
The solution is the result of a collaboration with CSI globalVCard, reports said, and uses CSI’s platform to manage virtual card payments.
“Our move into the accounts payable transactions market is based on Edenred’s unique expertise, which is to provide value added in transactional ecosystems,” said Edenred Chairman and Chief Executive Officer Bertrand Dumazy in a statement. “Our agreement with CSI demonstrates our ability to forge partnerships and expand into new markets. This new solution is our first initiative in the world of corporate payments, which is destined to become an additional growth driver for the group, alongside employee benefits and expense management.”
Edenred subsidiary PrePay Solutions, jointly owned with Mastercard, will combine its payment issuance capacity with a licensing agreement with CSI to provide the newest AP service. The tool will be available to European corporate clients and is part of the firm’s broader Fast Forward growth plan to enter into new corporate payments and finance spaces, it said.