Corporate Spending Innovations, formerly known as CSI globalVCard, announced on Wednesday (June 6) a partnership with THG Energy Solutions in an effort to digitize corporate payments to their utility providers.
THG corporate clients will have access to CSI’s automatic, electronic payment solutions to support payment of utility invoices, the firms said. CSI will deploy its CSI Paysystems payments platform into THG's Energy Intelligence Software (EIS), a B2B service that enables businesses to manage utility data and invoices. Companies can then pay their utility invoices from directly within the system.
"The way companies choose to pay for everyday expenses can have a significant impact on their business," said CSI president David Disque in a statement. "This alliance will streamline utility payments for THG clients and allow us to further educate these companies on all of the advantages of AP automation."
"It's our priority to offer clients streamlined solutions for better energy management and sustainability," said THG president Daniel Frey in another statement. "Providing easier, more secure automated payments, along with robust utility data analytics, is certainly part of that effort."
FinTech innovators have begun to target utility payments for consumers and businesses as of late. Earlier this year, CityBase, a GovTech firm, spoke with PYMNTS about its plan to launch a platform through which under- and un-banked consumers can pay city fines and fees. The company is also developing a solution that lets consumers pay their utility bills online, supporting mobile payments without the need for a credit card.
CSI's collaboration with THG is only part of its broader initiative to digitize and modernize B2B payments.
The company operates CSI Kick Start, a FinTech incubator supporting B2B payment innovators addressing pain points in areas like ACH, virtual cards, foreign exchange, fraud and more.