B2B Payments

MRI Software Adds AP Capabilities For Real Estate Users

Real estate accounts payable (AP) solution provider Nexus is expanding its partnership with MRI Software to integrate supplier payment functionality within MRI’s real estate solutions.

In a press release issued Monday (Dec. 9), Nexus revealed plans to connect MRI Software customers to AP functionality, allowing users to pay their suppliers via check, ACH or Nexus Virtual Card while supporting custom payment terms. The payment functionality is an expansion upon an existing integration in which MRI customers use Nexus AP technology to procure products digitally.

“This is a huge advantage for our joint customers,” said Nexus CEO Thomas Coolidge. “MRI customers will be able to retain complete control of their supplier payments and be able to view them every step of the way, from invoice to payment — in just one place.”

By rounding out their integration to support procure-to-pay, MRI Software and Nexus are adding to existing capabilities with features that include spend analysis and management, access to cash back rebates through use of the Nexus Virtual Card, and automated functionality, including supplier data input.

MRI Software President and Chief Legal Officer John Ensign added that the integration, facilitated through MRI’s Partner Connect program, is “bank agnostic,” allowing MRI users to maintain their current bank relationships and accounts that they already use to pay suppliers, with Nexus able to automatically debit those accounts.

Last year, Nexus Founder and President Jennifer Coolidge spoke with PYMNTS about the challenges of faster real estate supplier payments, often the result of a high volume of products and platforms in-place.

“They have four ERPs, 10 banks they work with, 120 banking accounts,” she explained of the industry’s biggest AP pain points. “A typical real estate customer will have multiple banking relationships, hundreds of checking accounts, multiple integration packages, and they want to provide multiple payment types to suppliers.”

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NEW PYMNTS STUDY: ACCELERATING THE REAL-TIME PAYMENTS DEMAND CURVE – NOVEMBER 2020

About: Accelerating The Real-Time Payments Demand Curve:What Banks Need To Know About What Consumers Want And Need, PYMNTS  examines consumers’ understanding of real-time payments and the methods they use for different types of payments. The report explores consumers’ interest in real-time payments and their willingness to switch to financial institutions that offer such capabilities.

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