The ability for businesses to receive and send invoices and expense reports digitally is changing the game, making procurement faster and more efficient. But without a way to settle these bills, the automation of e-invoicing may not be as efficient as companies would prefer.
Western Union’s latest partnership with DATABASICS, announced Monday (May 18), is a way to bring digital payments into the digital accounting process, making for an end-to-end solution.
According to an announcement from the companies, Western Union Company is bringing electronic payments services into the mix for DATABASICS’ business clients in Canada. DATABASICS provides vendor invoice management and expense reporting software, and with its collaboration with Western Union, those customers will also be able to settle invoice payments and expense reimbursements through the same process.
For now, the solution is available for Canadian businesses and U.S. businesses operating in Canada. DATABASICS said the two firms are planning to expand their partnership to Europe in the near future, according to the company’ CTO Marcel Syriani.
According to Western Union Business Solutions’ North America Managing Director Jonathan Rees, the partnership will provide businesses with “the opportunity to benefit from a truly streamlined and efficient payment platform.”
Western Union Business Solutions launched in 2010 following the firm’s acquisition of Custom House. Together, the two collaborated on research to establish the most pressing payments needs of SMEs and developed a B2B service aimed at improving business payments transparency, ease-of-use, 24/7 access to payments services, and reducing exchange rate risks in cross-border transactions.