HighRadius has entered into an agreement to provide its straight-through processing capabilities for virtual card payments of Noventis’ network of suppliers.

The partners intend to leverage their respective expertise to address payment and transaction automation challenges commonly faced by suppliers.

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Powered by radiusOne, the processing solution will automate the virtual card payments as well as the related reconciliation to open invoices in a secure setting.

HighRadius chief product officer Sayid Shabeer said: “Suppliers are increasingly receiving virtual card payments from their buyers.

“Historically, this leaves suppliers with tedious, manual work for processing and reconciling these payments – not to mention the fact that it opens them up to higher risk and PCI compliance requirements with the card data exposure. For the first time, these suppliers will benefit from secure straight-through processing and reconciliation for virtual card payments.”

Noventis provides suppliers with an option to replace expensive yet inefficient paper checks with fast, secure virtual credit card payments through web, IVR, file delivery, email or phone.

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The addition of the new capability is expected to optimise the acceptance, processing and reconciliation of these payments.

Noventis COO Blair Jeffery said: “We’ve made significant strides in our mission to bring electronic payments and other automation to businesses, but there are still barriers that A/R experts like HighRadius can help Noventis address.

“Their solution solves broader problems beyond just payment delivery, creating an elegant and efficient pathway to true straight through processing, which has not been addressed well, particularly for small businesses.”