New payments solution enables rapid, cost-effective and transparent supplier payments anywhere in the world.
Ivalua, a global leader in Cloud Spend Management solutions, announces an extension of its source-to-pay platform with a new payments solution to digitise and streamline global supplier payments.
Today’s supplier payments remain complex and crucially lack transparency and efficiency that strain supplier relationships, increase transactional costs, and cause frustration for all those involved. Furthermore, the Covid-19 crisis has led to the realisation that paying suppliers on time, no matter where they are, is critical to maintaining a strong and reliable supply chain and a preferred customer status.
Modern businesses are now challenged to rethink traditional methods of paying suppliers globally via their ERP and look towards more digitised and seamless payments that are tightly connected to the procure-to-pay process. With Ivalua, Procurement and Finance can collaborate better to bring much needed automation, transparency and speed to an often inefficient and costly process. Customers will be able to secure goods and services at the best price and guarantee on-time (or early) payment in an efficient, cost-effective manner.
Not only does this improve supplier liquidity and support their financial health, but it also strengthens the relationship and solidifies the ‘customer of choice’ status. In a recent study of European suppliers, 65% felt that late payments are putting their company at financial risk. A separate study by Forrester Consulting, commissioned by Ivalua, found that timeliness of and visibility into payments was the top factor influencing suppliers’ willingness to collaborate with and share innovations with a specific customer.
Ivalua’s solution enables secure international and domestic payments in hundreds of countries and currencies, including real-time FX spot rates. All within the same automated workflow, tightly linked to the invoice and procure-to-pay process. This integrated B2B payments experience reduces supplier inquiries, lowers processing costs and provides procurement an additional negotiating lever.
“Enabling the complete source-to-pay process within the Ivalua Platform has always been a strategic objective.” said David Khuat-Duy, CEO of Ivalua. “Embedding payments was a natural next step and we believe this can help our customers generate even more value from their supplier relationships”, concludes David.
Ivalua’s solution enables international and domestic next day payments in hundreds of countries and currencies, including real-time FX spot rates, within the same automated workflow. With a totally secure and interconnected B2B payments experience, not only are supplier inquiries reduced, by removing the ERP overhead, procurement turns cashflow into a tool that adds to bottom line savings. A win, win for Procurement and Finance teams plus a massive boost for global business growth and recovery.
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