WEX, a provider of corporate payment solutions, has introduced a complete buyer/supplier integrated payables solution on a single platform.

The new business-to-business payment platform is aimed at simplifying the accounts payable process and enhance the value of every supplier disbursement.

WEX’s Integrated Payables application will not only allow the companies to minimize costs, streamline processes and mitigate risk but also capitalise on discount and working capital opportunities.

The single source platform, which is supported by cloud-based bank agnostic framework, is designed to offer clients a wide range of payment options including virtual accounts (buyer and supplier initiated), network settlements, ACH, discounted EFT and check payments.

It is powered by Paygenus, a WEX B2B payment network that allows buyers and suppliers to send and receive payment information over a secure process.

WEX vice president of corporate payment solutions Bob Sneed said: “We’re creating a paradigm shift and making it easier, faster and simpler to manage the complexities of accounts payable.By helping our clients take a more strategic and disciplined approach to payment optimization, and providing the tools to achieve it with WEX Integrated Payables, we are driving bottom line results for our customers and their suppliers.”

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By GlobalData