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CTS Systems Adds Corcentric’s Managed AR to Travel Booking Platform

b2b payments, accounts receivable

CTS Systems has integrated Corcentric’s Managed Accounts Receivable (AR) services into its travel booking platform. 

With this integration, the CTS Systems platform will offer corporate travel agents and hotels a single-source solution providing consolidated, digitized and secure invoice processing, the companies said in a Wednesday (May 8) press release

“By partnering with Corcentric, we’re able to leverage our existing platform to vastly improve the flow and speed of payments to hotels and commissions to booking agents,” Carl Roberts, founder and president at CTS Systems, said in the release.

Corcentric’s Managed AR solution helps customers eliminate bad debt, payment risks and high days sales outstanding (DSO), according to the release.

The solution includes support from subject matter experts, financial services and software, per the release.

Integrated with the CTS Systems platform, this offering will customers in the corporate travel and booking industry make travel booking processes “convenient, easy and fast,” Matt Clark, president and CEO at Corcentric, said in the release.

“CTS has a long history of solving for pain points that do just that, and we are honored to work with them on this latest venture to bring our Managed AR onto their platform to ease the burden of the invoicing and payments process for their clients,” Clark said.

PYMNTS Intelligence has found that specialized software and automation act as engines for efficiency, speed and accuracy in AR and accounts payable (AP) workflows, replacing labor-intensive, manual processes that are prone to human error and delays.

Eight in 10 chief financial officers (CFOs) with automated AP/AR processes reported significant reductions to friction and disruption, according to “Why CFOs Recognize the Need to Automate AP/AR Workflows,” a PYMNTS Intelligence and Corcentric collaboration.

Customers are starting to realize that enduring friction points along the business relationship and B2B transaction journey aren’t necessarily worth putting up with,” Clark told PYMNTS in an interview posted in June.

“You don’t have to look much further than B2C today for the future of B2B tomorrow, when it comes to things like efficiency and digitization,” Clark said. “Some of the newer generations rising up in organizations just won’t accept some of the things that have been taken for granted as status quo for decades — they’ll say this is too difficult, this needs to change.”

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