Cambridge Global Payments, a US-based provider of cross-border payment services, has signed a strategic partnership with Canadian cloud-based accounts payable automation provider Beanworks Solutions.
The partnership will provide businesses in Canada with cost-effective accounts payable automation that now allows for electronic payments of vendor invoices including cross border.
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It is estimated that more than 500 billion invoices are processed between companies every year globally, of which only 40 million get converted to a digital format, while the majority still flow through the accounting process in paper form.
The integration of Beanworks’ AP solution and Cambridge’s payments technology will enable small and medium-sized firms to reconcile purchase orders and invoices before proceeding to payment in more than 70 different currencies.
Beanworks Solutions CEO Catherine Dahl said: "Our customers will now be able to streamline their entire payables process from PO to electronic payment in one closed-loop system with total visibility and cost-efficiency. We are proud to be the only Canadian cloud-based AP automation company with the ability to offer this to our global clients."
Cambridge Global Payments chief technology officer Corinne MacMillan said: "We look forward to partnering with Beanworks to provide a combined AP invoicing and global payments solution that minimizes administrative overhead, leaving our customers more time in their day to focus on growing their business."
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