iPayables, a US-based provider of electronic invoicing and AP automation solutions, has launched a payments platform for B2B customers to streamline their financial business processes.

The new platform enables merchants to simplify supplier payments, improve cash flow and prevent fraud. It will also offer virtual card payments through which a single-use card number is generated for every transaction.

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The payments solution will also provide built-in and customizable authorization controls, including electronic remittance and invoice data, transaction limits, spending parameters as well as supplier-locking.

The company has associated with banks, check printers and card networks to provide automated payments to its customers.

iPayables CEO Ken Virgin  said: “With the various B2B payment options available today, accounts payables’ payment process is getting more complex. We find many companies procrastinating this learning curve. They continue with the old standard of issuing supplier payments through printed checks, and just endure the inefficiencies.

“iPayables has a strong history of offering our customers Accounts Payable solutions that simplify complexities, and our new expanded payments platform builds on that history as we empower customers to streamline the supplier payment process with simple electronic payments.”

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Furthermore, when a supplier selects virtual card or electronic payment method for transactions, iPayables can calculate the discount amounts, rebate fees, or check amounts and creates the actual payment vehicle.