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Corcentric Launches ePayments Solution

Stephanie Dula   Sep 27, 2016      

One of our partners and a provider of cloud-based financial process automation solutions, Corcentric, yesterday announced the launch of an ePayments solution to support the ‘last mile’ of their customers’ B2B transactions.

“With over 74 percent of companies still issuing paper checks as their payment method of choice, many are bogged down by fee-based models that can drag their clients into the minutia of paying per invoice and other pay-per-use items,” said Matt Clark, COO of Corcentric. “By automating the full lifecycle of a transaction, including the elusive payments portion, organizations can have greater visibility into spend and dramatically reduce costs.”

According to our ePayments research, while checks carry high processing costs for buyers, they are perceived as having the highest supplier acceptance rates and the most complete remittance information among all other forms of payments. Check usage persists despite evidence that electronic supplier payments help organizations unlock cost savings, manage cash more strategically, and achieve working capital optimization.

Corcentric partnered with FIS and Comdata to create this integrated payments solution, which handles vendor payments by obtaining a payment file from the client, which is then allocated and directed to suppliers. “Corporate payments are 30-years behind consumer payments in terms of technology and innovation,” said John Molnar, SVP of Business Development at Comdata. “But companies like Corcentric are closing that gap and we truly believe we are about to see mass market adoption of e-payments technology. We’re proud to partner with Corcentric to bring B2B payments into the modern era.”

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