Proactis and Finexio Partner on AP Automation and B2B Payments

Beanworks - AP Automation

Proactis and Finexio have partnered to help mid-market organizations eliminate manual processes from B2B payments.

With their new agreement, Finexio’s accounts payable (AP) payment capabilities have been added to Proactis’ source-to-pay software solution, the companies said in a Thursday (March 30) press release.

“Extending our AP Automation offering to include payments to suppliers allows our customers to enjoy the same cost-savings which much larger entities are able to enjoy through traditional banking relationships,” Proactis U.S. Managing Director Michael Ereli said in the release.

Automating the AP payments process eliminates the potential of fraud around paper checks, replaces manual processes and lowers payments costs, according to the release.

The solution delivered by the new partnership encompasses automated clearing house (ACH), wire, virtual cards, paper checks, and other payment types and channels, the release said.

PYMNTS research has found that the potential benefits of modernizing AP through automation are clear. For example, 70% of online marketplaces said they expect their vendor relationships to improve as they innovate their AP platforms, especially when it comes to payment processing speed, according to “Accounts Payable Automation,” a PYMNTS and Routable collaboration.

The addition of the Finexio solution to the Proactis products also provides supplier enablement, fraud and risk detection, “payment-specific strategic account relationship management, payment operations and settlement support, and payments and banking data security capabilities,” per the release.

“The momentum Proactis and Finexio are both experiencing in delivering automated workflows to transform business operations will now be extended and shared together with the launch of a market-leading embedded payments offering,” Finexio CEO and founder Ernest Rolfson said in the release.

The announcement of this partnership comes about five months after Finexio completed an oversubscribed $35 million Series B round and said it aims to capture a growing desire for digital payment tools.

Early in 2022, Rolfson told PYMNTS that many companies are still tackling accounts payable with paper checks and manual processes. However, they are increasingly adopting software, digital tools and automation to get the job done.

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