Cambridge, Beanworks Continue X-Border Payment Partnership

Cambridge Global Payments, a FLEETCOR firm, and Beanworks Solutions are continuing their collaboration to bring together solutions and offer a full accounts payable (AP) offering to clients, which can streamline their payable workflow spanning between buying and payment for firms that have international business, according to a Tuesday (Nov. 17) announcement.

“We look forward to continuing our partnership with Beanworks to provide a combined AP automation and global payments solution that can help minimize administrative overhead for users of the platform,” Cambridge Global Payments President Mark Frey said in the announcement. “At Cambridge, we strive to create flexible integrations for our cross-border partner payment solutions, so that we can collectively bring innovative and value-added payment services to customers.”

The collaboration provides “high visibility” throughout the accounting workflow between validating a bill and confirming a payment, according to the announcement.

Customers will be able to compare purchase orders alongside invoices before going to straight to payment in more than 145 currencies with the AP technology of Beanworks and the payments technology of Cambridge brought together.

Firms can start wire transfers and other payments with the Beanworks system as a result of the collaboration. After receiving the green light, payments can be released straight from the Beanworks platform that is linked with Cambridge’s live foreign exchange rates.

“Through this partnership, we offer organizations even greater control and visibility of their global AP processes from purchase to payment,” Beanworks CEO Catherine Dahl said in the announcement.

The news comes as Cambridge Global Payments recently announced it has teamed with enterprise blockchain platform Ripple on an international payment offering for business-to-business (B2B) clients.

Pat Thelen, vice president and North America managing director at Ripple, said both firms understand the necessity of harnessing blockchain to help strengthen international payments.

“Given today’s realities, adding more technology options is even more critical to ensuring faster payments across the globe,” Thelen said in a past release.