A cross-border payments company and an accounts payable solutions provider have joined forces, meshing their tools together to ease friction in global B2B payments.
Cambridge Global Payments, an international payment and risk management company, announced on Wednesday (April 20) that it struck a collaboration deal with Beanworks Solutions, a company that provides cloud-based AP automation tools.
Together, the companies said they will look to digitize cross-border B2B payments.
In a statement, Beanworks Chief Executive Officer Catherine Dahl called the partnership a “game-changer when it comes to B2B payments.”
“Our customers will now be able to streamline their entire payables process from PO to electronic payment in one closed-loop system with total visibility and cost efficiency,” the executive stated, adding that Beanworks is now Canada’s only AP automation firm to provide cross-border payments solutions for its corporate users.
The companies said in their announcement that they will collaborate for an end-to-end, procure-to-pay solution for businesses that source from overseas suppliers. Citing more than 500 billion invoices processed every year across the globe, the businesses added that Canada’s B2B industry is in the early stages of using cloud technology to streamline this process.
Beanworks will integrate its payments processes into Cambridge’s global tools, which include real-time foreign exchange rate monitoring. Invoices and purchase orders can be reconciled within a single system, and payments can be sent without wire transfer.
In another statement, Cambridge Chief Technology Officer Corinne MacMillan noted that the partnership “minimizes administrative overhead” to allow businesses to focus on more strategic efforts.
Their joint venture follows just one day after another AP firm, Nvoicepay, announced plans to support cross-border payments through its platform as well.