Cambridge Global Payments, Beanworks sign deal for cross-border e-payments

Both companies aim through this partnership to deliver high visibility across the accounting process from invoice validation through to payment confirmation, saving customers substantial time and money. By combining Beanworks AP solution with Cambridges payments technology, users will have the ability to reconcile purchase orders and invoices side by side before proceeding directly to payment in over 170 different currencies.

What`s more, this strategic product partnership means companies no longer need to initiate wire transfers from their bank or other service provider. Payments get released directly from the Beanworks platform that is tied to Cambridges real-time foreign exchange rates, creating a one stop shop for all accounts payable and vendor payment needs.

Globally, it is estimated that over 500 billion invoices are processed between companies annually. With only 40 million converted to a digital format, the majority still flow through the accounting process in paper form. This means that most invoices are still processed manually.

The Canadian market is only just beginning to leverage the cloud to increase efficiency in finance.

Cambridge Global Payments is a leading provider of integrated cross-border payment services and risk management solutions. Cambridge delivers solutions designed to mitigate foreign exchange exposure and address unique business needs.

BeanworksAP is a cloud-based, accounts payable automation solution. They help companies streamline their invoice-to-payment strategies by eliminating paperwork and reduce invoice processing costs.