B2B Payments Provider Vendorin Rebrands as Corcentric

Payments platform Corcentric has rebranded its B2B payments subsidiary Vendorin as Corcentric Payments, the company announced Monday (Jan. 31).

The Cherry Hill, New Jersey-based firm said the unified brand lets the company monetize transactions through payments, supply chain finance and group purchasing. It will also let Corcentric move payments to electronic forms, increase overall supplier acceptance and fully automate organizations’ accounts receivable (AR) and accounts payable (AP) processes.

“As pandemic conditions continue causing companies of all sizes to shift to electronic payments, our combination of a stellar supplier network and an integrated true payment network makes Corcentric a single, formidable force,” said Matt Clark, president and chief operating officer at Corcentric.

Corcentric cites a survey conducted with PYMNTS that found that 71% of CFOs have upped their use of digital payments since the start of the pandemic. And while digitizing payments is a key way companies can reach their top business priorities — per a Forrester Consulting study commissioned by Corcentric — 51% of finance leaders say they still contend with a lack of digitization in payments, which can hamper cash flow.

Read more: Corcentric Buys B2B Payments Network Vendorin For $100 Million

The rebranding of Vendorin, which was acquired by Corcentric last year, follows the company’s moves in 2021 to unify three other past acquisitions into a single brand: source-to-pay software provider Determine, eBilling provider Netsend and strategic sourcing services provider Source One.

Corcentric purchased Vendorin from Juvo Technologies for $100 million. Based in Mississippi, the company’s payments network makes it easy for purchasers to sign up and pay vendors using any form of payment.

See also: Payments Platform Corcentric Valued at $1.2B in SPAC Merger

In December 2021, Corcentric announced its intent to go public in a special purpose acquisition company merger with North Mountain Merger Corp that will value the company at $1.2 billion.

Founded in 1996, Corcentric offers Source-to-Pay and Order-to-Cash solutions and a B2B payments network, processing more than $100 billion in transaction volume annually for a network of more than 450,000 buyers and 1.4  million suppliers.