Emburse, which provides expense management and accounts payable automation service, has expanded into B2B payments space with the launch of Emburse Pay – B2B Payments.
Launched as an integrated payables solution, Emburse Pay – B2B Payments is designed to enable corporate accounts payable teams manage and track the complete invoice approval and payment process.
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Emburse claims that the new service will enable organisations to save time, minimise costs, enhance efficiency and improve the user experience.
It will make it easier for finance teams to track and confirm receipt of payments and minimise potential delays and friction with vendors, said the company.
Emburse Pay general manager Rajeev Subramanyam noted: “Despite the massive push toward digital transformation during the pandemic, most organisations continue to pay vendors using physical checks.
“In addition to it being an incredibly inefficient and error-prone process, finance teams are missing out on huge cost-saving opportunities through early payment discounts and card rebates.”
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By GlobalDataAccording to Subramanyam, Emburse Pay suite of solutions will streamline corporate payments, replacing what has been traditionally a time-consuming and inefficient process.
Emburse is tapping US-based fintech platform WEX as the launch partner of Emburse Pay – B2B Payments.
As part of the tie-up, WEX will provide a virtual card, check, and ACH services to Emburse.
According to a recent WEX survey, 42% of executives stated modernisation of technology and platforms as their post-pandemic priority.
WEX president of corporate payments Jay Dearborn said: Emburse understands the importance of investing in digitization as it aims to enhance seamless customer experiences across ACH, check, or virtual card payments.”
Emburse Pay – B2B Payments is currently available for Emburse Chrome River Invoice customers. The company said it will roll out the service to other Emburse customers in the coming months.
