“The partnership will see Pagero roll out Previse’s early payment capabilities to its customers, giving suppliers on the Pagero network the option of a ‘pay me now’ button as soon as they generate an invoice,” the companies said in a news release.
Previse’s InstantPay platform uses AI trained on billions of pounds worth of invoice data to assess whether invoices will be paid and then instantly unlocks bank capital to pay suppliers. Pagero’s platform digitizes document flow between buyers and suppliers, offering the data points on which InstantPay operates.
“The past 18 months have shone a light on the need for robust supply chains, underpinned by fast and easily accessible B2B payments,” the news release said. “Previse is currently expanding its range of embedded early payments solutions to platforms and [corporations] globally, making it easy for end-users to choose when they get paid.”
Even as the economy recovers, some suppliers are still waiting to get paid, as a Wall Street Journal Study found earlier this year. Large American companies took an average of 58 days to pay suppliers in the first quarter of the year, up from 55 days last year.
Steve Dempsey, Previse’s sales director, called Pagero’s P2P platform “second-to-none,” and noted that the partnership brings embedded finance technology into the B2B space, giving suppliers control over how and when they are paid.
This partnership is happening at a time when regulatory efforts around the world are promoting the adoption of eInvoicing through the development of digital document standardization.
“If you look across the globe, there are tens of countries announcing new mandates or legislations that require organizations in that country to adopt electronic invoicing or report tax in a new, digital, real-time fashion,” Pagero Vice President Oscar Wegland told PYMNTS earlier this year.
Read our complete interview for more on Pagero and the digitization of the B2B invoice.