Corcentric rolls out e-payment solution to automate payment procedures

The process of accounts receivable to accounts payable will get simplified, reducing the costs of the same and managing the cost of growth by supervising the back-end transactions. The company claims that this new solution handles vendor payments by obtaining a simple payment file from the client, which is then allocated and directed towards its vendors.

B2B transactions are considered to be very complicated as they comprise of different steps, especially when carried out through traditional means, but making the processes automated can further simplify the end-to-end transactions. Corcentric claims to channelize this process with e-payment by fully automating accounts payable processes and digitally managing invoices and purchase orders through to the “last mile of a transaction” – payment. Corcentric manages all forms of payment – ACH, paper check and credit cards.

The Virginia-based company partnered with FIS and Comdata to build this solution. FIS’s PayNetExchange payment solution offers an automated payment processor that initiates ACH (Automated Clearing House), Check and Virtual Credit Card payments and Comdata supplies Virtual Credit Cards for B2B payments. With the integration of all, this new solution is created to streamline the processes that go from accounts receivable to accounts payable.