Invapay, a payment aggregator and trading platform, has selected Earthport to deliver an automated cross-border international payments service. Under this agreement, Invapay will use 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 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.”
Despite being behind the likes of Europe and China, the US payments industry is now rapidly advancing, said Anish Kapoor, CEO of AccessPay told GTNews in an exclusive interview.
Treasurers are more interested in cross-border payments and automation than real-time payments, as they are consistently asked to do more with less, argues Rick Burke, head of corporate payments at TD Bank in an exclusive interview.
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