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SourceDay and Medius Team on Procure-to-Pay Enhancements

Supply chain collaboration platform SourceDay and accounts payable platform Medius are collaborating to enhance procure-to-pay operations for businesses.

Through the partnership, firms can get access to autonomous, touchless invoice processing, the companies said in a Tuesday (April 30) news release

Additionally, firms are offered fraud protection via anomaly detection capabilities, creating a more secure and trustworthy financial environment. Firms can also receive real-time notifications within their workflow platforms, reducing the need for buyers to switch platforms and improving operational efficiency, according to the release. 

The companies also noted in the release that buyers may see “up to 80% efficiency gains” because of streamlined supplier collaboration, “enabling up to 96% on-time delivery and scale without adding headcount.” 

“At Medius, we’re dedicated to empowering our customers with the best-in-class solutions, and our collaboration with SourceDay does exactly that,” Jim Lucier, CEO of Medius, said in a statement. 

“One of the goals of any finance organization is having better supplier relationships that allow the business to get materials on time and then pay for them with minimal impact on the business. That’s what this partnership is all about.”

“The SourceDay and Medius collaboration not only optimizes procurement and payment processes, but significantly strengthens both supplier performance and reliability and reduces risk, setting the new standard for supply chain excellence and financial transparency in the industry.” Tom Kieley, CEO of SourceDay, said in a statement. 

This collaboration follows Medius’ earlier partnership in January with Launchpad Technologies to deliver an Integration-Platform-as-a-Service (iPaaS) solution.

Via the platform, dubbed Paasport, Launchpad Technologies aims to simplify the integration process for businesses and foster digital transformation, PYMNTS reported at the time. 

The platform enables Medius customers to integrate their entire suite of procure-to-pay solutions with any system, according to the report. Through Paasport, Medius customers can simplify enterprise integration and increase operational efficiency. 

“The partnership presents an opportunity to transform the AP process, as customers can connect and manage data in disparate systems, facilitating real-time data exchange,” PYMNTS wrote in January.

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