Cloud-based finance and IT solution firm Kyriba has teamed with FinTech buy now, pay later (BNPL) payments company Openpay to boost the use of Openpay’s OpyPro Software-as-a-Service (SaaS) firm to help B2B payments for companies, according to a press release.
BNPL refers to the practice of being able to pay for items through installment payments over several weeks, and it has been growing in popularity especially amid the pandemic as people have been strapped for cash.
OpyPro will be integrated with Kyriba’s Enterprise Liquidity Management platform and working capital solutions, the release stated. It will be used to digitize and automate the onboarding of customers.
The new solution will cut down on manual tasks and allow access to transaction, invoice and statement data, according to the release. OpyPro can help companies bolster days sales outstanding (DSO), and it cuts down on fraudulent transactions, reconciliation time and costs.
In addition, the Kyriba partnership represents Australia-based Openpay’s first expansion into the U.S., which is one of the larger B2B markets, the release stated.
“Openpay is a payment innovator, offering critical buy now, pay later solutions to CFOs and treasury teams to improve their cash conversion cycle and increase revenue growth,” said Kyriba Chairman and CEO Jean-Luc Robert in the release. “Kyriba customers have been searching for new payment solutions like OpyPro that support their digital transformation and eCommerce evolution.”
Openpay’s U.S. expansion was announced last year and saw the company focusing on markets where it had the ability to make a difference. Some of the biggest industries include the healthcare, automotive, home improvement and education sectors.
Read more: BNPL Provider Openpay Launches In US
“We are very excited to have commenced the launch of our consumer BNPL and B2B offerings into the U.S., building on our proven responsible approach, flexible products and focus on industries where we have strong confidence in our ability to deliver a differentiated value proposition,” said Openpay CEO and Managing Director Michael Eidel at the time.
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