Coupa is enhancing its B2B payments solution Coupa Pay with the help of several top players in the payments space.
On Wednesday (June 26), Coupa announced partnerships with PayPal, Stripe, Citi and TransferMate to broaden capabilities of its business spend solution.
Its work with PayPal sees Coupa enabling companies to make payments via PayPal within Coupa Pay, part of the firm's efforts to expand payment options and to address the "diverse set of payment needs" that both buyers and suppliers have, according to Coupa Senior Vice President of Business Acceleration Ravi Thakur.
Further, Coupa Pay also announced its integration with online payments platform Stripe to enable more seamless virtual card payment processing within the Coupa Pay platform for vendors. According to Thakur, "this will reduce suppliers' labor-intensive reconciliation of virtual card payments, increase their operating efficiencies and help them get paid faster."
In a separate press release, Coupa announced a collaboration with Citi Commercial Cards, connecting companies using Coupa Pay to Citi commercial and virtual card solutions. According to the firms, Citi Commercial Cards makes Citi the first global virtual card provider to integrate into Coupa Pay.
Finally, Coupa announced, Coupa Pay has partnered with TransferMate to facilitate cross-border payments within Coupa Pay for global supplier transactions. The tie-up will also see TransferMate powering domestic payments within an array of countries.
Coupa pointed to research that reveals half of businesses continue to pay B2B suppliers manually, with paper checks still a key payment vehicle for B2B transactions in the U.S. Further enhancements for Coupa Pay include the launch of Coupa Pay Invoice Payments, which enables accounts payable teams to more seamlessly pay outstanding invoices via domestic bank transfer, cross-border payment or digital check.
"For far too long, businesses have been forced to deal with a complicated and labor-intensive payments experience, and we purpose-built Coupa Pay to address this challenge," said Coupa Vice President of Product Strategy Rajiv Ramachandran. "Today's announcement is another step forward in realizing our vision of one platform to manage all business spend, including payments. It's now even easier for the [business spend management] community to manage payments seamlessly with their other business spend processes so everyone is spending and paying smarter."