The funding will enable Traxpay to continue serve its current customers in Europe, as well as prepare for its Q3 2012 expansion across the US.
The company is also focusing on redefining the online B2B payment process with an enterprise-level service for sending and receiving payments across a supplier and/or customer network. The online payment service has been developed in collaboration with Accenture, a global management consulting, technology services and outsourcing company. During Q2 2012, the Traxpay service has been selectively installed with initial customers across Europe. Traxpay is aimed at providing companies with access to fund without having to wait for standard payment terms.
According to the Boston Consulting Group, on a worldwide basis there were more than 65 billion B2B payment transactions globally in 2010, with a total market size valued at USD 245 billion. These payments are primarily handled with the same paper-based processes used for the past 20 years, which result in 1-5 days of inaccessible working capital.
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