B2B Payments

GlobalVCard Tie-Up Automates Procurement Payments

Electronic payments service provider CSI globalVCard announced Tuesday (July 28) that it has inked a new partnership that will help the company reach a new community of business customers.

According to reports, corporate clients of cloud-based spend management tools provider ReactorNet will now be allowed to pay their suppliers through the globalVCard payment system. Both companies aim to reduce the dependence on paper billing within the supply chain, and the current users of ReactorNet’s procure-to-pay platform EPRO can now reduce their paper usage even further by using virtual payment solutions from globalVCard.

“ReactorNet’s focus is to continually evolve our software, whether through ongoing development or through integrated solutions,” said ReactorNet Vice President of Marketing Anthony Kylitis in a statement. “Through this partnership with CSI globalVCard, our integrated payment capabilities will be advancing by leaps and bounds, keeping us at the forefront of innovation in the procure-to-pay arena.”

Users of the EPRO procurement platform will benefit from the security offered by globalVCard payment solutions, save money thanks to the cost benefits of electronic payment processing, be able to more quickly pay and reconcile payments with corporate clients and access a new source of revenue thanks to the cash back rewards program offered by globalVCard.

According to CSI globalVCard VP of Partner Programs Liane Sanson, the partnership is a reflection of the market’s changing needs for more automated payments solutions between corporate buyers and suppliers.

“Our integration with ReactorNet enables their clients to realize this potential,” the executive said, adding that it is “exciting to play such a pivotal role in the innovation of procurement solutions.”

This innovation is an ongoing trend in the B2B industry, according to experts. Recent findings by Circle Research found that automated software solutions will be in use by 88 percent of B2B companies in just the next two years.

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The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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