April 19, 2016 — San Francisco and Beaverton, Ore. — Nvoicepay, the leader in strategic payment solutions for the enterprise, today announced the introduction of Nvoicepay AP Global, a new cross-border payment offering. Corporate accounts payable (AP) departments can now manage both domestic and international supplier payments within a single, integrated workflow saving hours of time processing cross-border payments. Prior to the release of AP Global, companies that work with international suppliers, had little choice but to maintain separate payment processes for domestic and international suppliers, forcing AP departments to spend a disproportionate amount of time paying their international suppliers.
"It's hard to fathom that FedEx can ship a package around the world with greater visibility, reliability and at a lower cost than companies pay their international suppliers," says Karla Friede, CEO and co-founder of Nvoicepay. "Our customers have told us that international payments account for only 20 percent of the payments they make, but take up 80 percent of their time. And CFOs we've spoken with have expressed concerns in their ability to resolve cross-border payment issues in a timely manner. AP Global delivers a much needed dose of visibility, control, and confidence to this important business function."
With globalization on the rise and many companies turning to international suppliers to remain competitive, AP departments face a greater operational strain on their resources. Research estimates that cross-border supplier payments represent a massive $15 Trillion market and one that remains underserved with mostly manual, clunky bank-based products as the primary option available. Due to the costs and complexities associated with processing international supplier payments, accounts payable teams and treasurers have had to manage separate payment processes. This inherent complexity has caused them to spend a disproportionate amount of time paying international suppliers and often results in a lack of visibility over the payment process and costs involved.
Nvoicepay's AP Global solution was built to provide accounts payable departments with a simple and scalable initiation process featuring real-time payment visibility throughout the entire cross-border payment lifecycle. AP Global ensures that AP departments can track international payments—from initiation to successful completion—with confidence, enabling companies to scale internationally and reach new markets.
AP Global offers the following benefits to companies dealing with international suppliers:
- Dramatically reduced payment processing time: Executing cross-border payments with Nvoicepay is simple and streamlined. Companies manage all payments from a single process with built-in approvals and no manual entries.
- Simple, Single Initiation Process: Nvoicepay easily communicates with all ERP systems to provide critical reconciliation information. This ensures that accounting records are accurately updated and cross-border payments are fully integrated into existing accounting processes.
- Payment Lifecycle Visibility: Having visibility on the status of all payments—from inception to completion—is a critical requirement for businesses. Nvoicepay gives AP departments greater control and visibility across the entire payment lifecycle, allowing them to effectively understand, forecast and manage their cash flow.
- Transparent Pricing: With currencies in constant flux, and banking institutions' practices of obscuring exchange rates, businesses don't always know the fees and prices they are paying. Nvoicepay provides transparency of all exchange rates, with no hidden fees.
Nvoicepay delivers strategic payments solutions to automate accounts payable. We enable customers to pay 100% of their invoices electronically, while realizing the financial benefits of payment optimization. By paying the right suppliers with the right payment type at the right time, our cloud based technology and vendor payment services help customers reduce costs, increase efficiencies and maximize card rebates, all with minimal effort. Nvoicepay transforms accounts payable departments from cost centers into strategic contributors. Learn more at www.nvoicepay.com and follow us on Twitter at @Nvoicepay.
Read the original press release on Marketwired.