Nvoicepay is launching new capabilities to ease friction in global B2B payments, the company revealed Tuesday (April 19).
The enterprise payments solution firm revealed Nvoicepay AP Global, a cross-border payments solution for the accounts payable department. The portal supports both global and domestic payments on one platform, the company stated, in an effort to streamline the AP process.
Nvoicepay AP Global aims to solve the point of friction that forced AP departments to separate their domestic and international supplier payments.
“It’s hard to fathom that FedEx can ship a package around the world with greater visibility, reliability and at a lower cost than companies pay their international suppliers,” Nvoicepay Cofounder and CEO Karla Friede said in a statement.
The executive said its clients report that global supplier payments make up about 20 percent of their transactions yet take up 80 percent of their time.
“And CFOs we’ve spoken with have expressed concerns in their ability to resolve cross-border payment issues in a timely manner. AP Global delivers a much-needed dose of visibility, control and confidence to this important business function,” Friede continued.
Nvoicepay pointed to the less developed, more complex processes involved in cross-border payments that account for AP departments’ decisions to separate their foreign from domestic payments.
The company said that its portal can now support both, meaning cross-border transactions can integrate into existing ERP systems and be transparent enough for AP departments to monitor the status of a payment.
The firm also said its international payment solution will have “transparent pricing,” as foreign currencies fluctuate their exchange rates.
“With currencies in constant flux and banking institutions’ practices of obscuring exchange rates, businesses don’t always know the fees and prices they are paying,” the company stated. “Nvoicepay provides transparency of all exchange rates, with no hidden fees.”