B2B Payments

Cleo’s CIC Agent Streamlines Payments On The Cloud

Cleo's CIC Agent brings new cloud innovations to B2B

A new addition to the Cleo Integration Cloud (CIC) platform will enable users to integrate end-to-end B2B services on the cloud in order to streamline payments, according to a press release.

Cleo, which works in ecosystem integration solutions, said in the release that CIC Agent will enable businesses to put everything involved in B2B payments, including order-to-cash, procure-to-pay, and load-tender-to-invoice, on one cloud platform for easier access overall.

By using CIC Agent, companies can keep better track of their finances and use modern technology to keep current with what’s going on in the industry tech-wise. Companies will be able to move workloads to the cloud and easily design integration flows between partners. And they’ll be able to remotely control actions between CIC, their own private cloud and other servers.

The press release states that CIC Agent is different from some other integrations, which often can’t directly connect to on-premise apps. That can sometimes lead to companies having to live with gaps in the system, or having to often switch between various processes, with files dropped into servers manually and no visibility on what happens afterward.

CIC Agent, according to the release, side-steps that by offering full integration, letting users automate processes like file servers, relational databases, or private cloud infrastructure where no application programming interfaces (APIs) are available or manual processes are still used.

According to the release, Mahesh Rajasekharan, president and CEO of Cleo, described the program as a “hybrid IT landscape” with Software-as-a-Service (SaaS) “and on-premise applications” and said the idea is to add visibility so clients can do business without worrying about messing up the systems they use.

Last year, Cleo struck up a partnership with SaaS firm Sage and its Intacct tool in order to increase efficiency in automating finance processes.

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The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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