Cross-border payments service provider Earthport has been selected by payment aggregator and trading platform Invapay to deliver an automated cross-border international payments service. Under this agreement, Invapay will leverage Earthport’s payment platform to provide an end-to-end solution that enables a ‘one-stop shop’ for international supplier payments offering greater efficiencies and cost savings.
Invapay is a regulated provider of procurement and electronic payment (e-payment) services connecting corporate buyers and vendors worldwide. To address the needs of corporate clients with international supplier payment requirements, Invapay needed a service provider to help settle cross-border payments without having to develop individual relationships with overseas banks. Earthport offered the capability and global reach to fully automate cross-border payments at a fraction of the cost of traditional methods.
“Integrating Earthport will automate Invapay’s solution for international payments for the whole of the international supply chain, from big wholesale suppliers to the smallest one-time-only vendors,” said Sid Vasili, chief executive officer (CEO) and founder of Invapay. “One-time-only vendors can account for 80% of an organisation’s purchase-to-pay [P2P] administrative costs. This service will eliminate the need for manual payment processing and reconciliation for international payments, allowing us to reduce the cost for payment settlement.”
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