Categories: B2B Payments

Tradeshift Launches Supplier Engagement Portal

To help create supplier and buyer digital collaboration, supply chain payments and marketplace company Tradeshift rolled out Tradeshift Engage. Many companies are now seeking to speed up digitization projects as social distancing measures due to the coronavirus pandemic make paper invoice processing not workable, according to an announcement from the company.

“A lot of businesses are trying to get their heads around the impact that social distancing measures are having on their day to day operations,” Tradeshift VP of Network Tony Alvarez said in the announcement. “Despite rapid advances in technology that are enabling many businesses to carry on under a semblance of business as usual, the connectivity between buyers and sellers remains an outlier. Heavily paper-based, the processes which underpin these relationships are starting to break down.”

Tradeshift Engage provides insights powered by data to sellers based on the relationship they have with the buyer. It provides the ability to finance payables on the go and offers real-time transaction visibility. The app furnishes a complete array of eInvoicing, fulfillment and ordering technology to sellers like digital invoice and credit note creation, among other features. Sellers can easily work with and engage with buyers via one interface that allows for issue resolution in real time.

According to the announcement, “An intuitive Dashboard also allows sellers to maintain an overview of everything in-flight.”

In separate news, procure-to-pay software firm Nexus announced earlier this month that it has launched its NexusConnect enhanced online supplier platform.

Suppliers can send customers of Nexus invoices through NexusConnect. In addition, they can manage purchase orders in addition to insurance documentation as well as monitor payments from buyers that use Nexus payments.

NexusConnect validates the business name, contact information, address and TIN of a supplier before they are able to connect with buyers and send them invoices. In the case that the information of a supplier does not match up, a warning message is displayed.

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LIVE PYMNTS ROUNDTABLE: THURSDAY, JUNE 18, 2020 | 12:00 PM (ET)

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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