Spend management company Coupa has entered the realm of B2B payments.
The company announced the launch of Coupa Payments Tuesday (May 16), a tool that aims to streamline cross-border payments for its corporate customers. The solution digitizes payment operations to ensure companies can pay their suppliers electronically, the company said in its announcement.
Coupa Payments takes advantage of Coupa’s partnership with invoice payments company Nvoicepay. Companies can obtain a discount when they pay their invoices using the tool, while suppliers will accept these electronic payments because it means they get paid faster, Coupa noted.
“The rise of globalization has created the need for cross-border payments, which has led to an increase in both the complexity of supplier payments and the efforts of accounts payable teams,” Coupa stated. Its payments offering is available in 140 currencies across 170 countries.
The firm’s vice president of strategy and product marketing, Donna Wilczek, said the electronic B2B payments tool can strengthen working capital management for customers, too.
“Payment automation completes the final mile of the procure-to-pay process and allows us to now offer a fully automated procure-to-paid solution,” she said.
Meanwhile, Nvoicepay CEO Karla Friede said strengthening its partnership with Coupa means the firms can “more tightly unify the data process” in accounts payable between their two solutions.
Coupa Software went public last year and, earlier this year, made its first acquisition as a public company: the takeover of Spend360, a U.K.-based data management firm.