Integrated accounts payable (AP) and procurement automation provider PairSoft has forayed into payment space in partnership with fintech firm Finexio.

The collaboration will involve rolling out a Finexio-powered payment system called PairSoft Pay for B2B digital transactions.

A part of PairSoft’s vision for a harmonised, non-siloed spend management cycle, the new solution is expected to help clients save time and money by facilitating automation and removing paper-based checks that are prone to fraud.  

Users of PairSoft will be also able to perform one-click payments as well as gain access to high-touch supplier enablement, several vendor payment options and improved security and control.

According to PairSoft statement, the solution will include a range of payment types and channels such as virtual cards, wire transfer, ACH and others.

PairSoft Pay also facilitates quicker electronic payments, which is expected to enhance cash flows for large and small enterprises.

It also helps in minimising human errors and reduce fraud with end-to-end encryption.

The new digital payments solution will be embedded into PairSoft’s automation solutions.

PairSoft CEO Matt Cotter said: “We are excited and ready to jump into payments.

“This is the next great step in our mission to lead the procure-to-pay market, and we couldn’t have chosen a better teammate than Finexio.

“Innovation and strategy are at the heart of everything we do, and this product is the latest proof point.”

Finexio CEO and Founder Ernest Rolfson said: “We are thrilled to begin this partnership with a future-forward organisation like PairSoft, and we’re ready to elevate their user experience through a seamless payments-as-a-service solution.

“Finexio exists to embed integrated payments into leading AP and Procurement software platforms serving mid-market needs, and Pairsoft is a leading example of a platform driving exemplary results in digital business transformation for end users.

Last month, Finexio obtained $14m in funding, representing the initial completion of its $30m Series B investment round.