<div>
  <ul>
    <li>
      <p>
        AvidXchange, an AP automation platform provider, has launched cross-border payments through an arrangement with a third-party international payments solutions provider.&nbsp;
      </p>
    </li>
    <li>
      <p>
        The cross-border payment solution will initially be available to Oracle Netsuite customers, enabling Netsuite customers in the US to make domestic and international payments without leaving NetSuite. AvidXchange supports several currencies including AUD, CAD, EUR, GBP, and INR among others.&nbsp;&nbsp;
      </p>
    </li>
    <li>
      <p>
        <b>Analyst quicktake: </b>
        Cross-border payment capabilities should better place AvidXchange to compete with other leading business payout management solutions. For instance, leading players such as 
        <a href="https://sp-edge.com/companies/692979">
          Melio
        </a>
         offer B2B domestic and cross-border payout capabilities for their users.&nbsp;
      </p>
    </li>
  </ul>
  <p>
  </p>
</div>


<div>
  <p>
    <a href="https://www.globenewswire.com/news-release/2022/11/29/2564137/37161/en/AvidXchange-Expands-Global-Capabilities-with-the-Launch-of-Cross-Border-Payments.html">
      Press release
    </a>
  </p>
  <p>
  </p>
</div>


Business Expense Management

AvidXchange launches cross-border payment capability

ANALYST_QUICK_TAKE

PROMINENT_CATEGORY

<div>
 <p>Financial automation platform, Paymerang, has teamed up with School Management Solutions provider, Veracross, to provide accounts payable (AP) automation to K-12 schools. They aim to enhance financial processes in these institutions via integration of Paymerang's AP automation platform with Veracross's student information system. This integration will enable schools to electronically receive, code, and approve invoices, and also manage vendor, employee, and parent payments with improved fraud protection.</p>
 <p>The introduction of Paymerang's AP automation platform is expected to reduce the time taken on manual tasks by over 80% in educational institutions, and will also address the growing risk of payment fraud with its advanced fraud mitigation protocols.</p>
</div> <p><b>Analyst QuickTake:<br>
 </b> The recent partnership aligns with the company’s strategy to expand its use cases across diverse industries by engaging in strategic collaborations. In <a href="https:<br>
//sp-edge.com/updates/27030"> February 2024 </a> , Paymerang partnered with LeadingAge Southeast to extend its AP automation offerings to senior living business offices, followed by an <a href="https:<br>
//sp-edge.com/updates/28945"> April 2024 </a> partnership with M3 to broaden its reach into the hotel industry.&nbsp;</p>

Paymerang partners with Veracross to offer AP automation for K-12 schools

<div>
 <p>Accounts payable automation platform, Routable, has teamed up with global commercial payments leader, Convera. This partnership aims to improve international payment solutions for businesses.</p>
 <p>Routable will utilize Convera's vast global network, which includes over 140 currencies in 200 countries and territories, to provide its customers with more options for low-cost local currency clearing worldwide. Clients stand to benefit from competitive exchange rates, lower transaction fees, and can maintain their existing workflows.</p>
 <p>The partnership was established based on Convera's wide currency reach, strong security measures, and exceptional customer support. The goal of this collaboration is to cater to the intricate international payment needs of clients, improving the efficiency of global payments for businesses that use Routable's platform.</p>
 <p>Routable's platform offers solutions that enhance and streamline the Accounts Payable process. This includes invoice capture and processing automation, a variety of flexible payment methods, and efficient vendor management. The company asserts that its services reduce manual payment efforts by 80%, thus allowing finance teams to focus on other significant tasks.</p>
</div>

Routable partners with Convera to expand global payment capabilities for businesses

<div>
 <p>AP and procure-to-pay software provider, Finexio, and spend management solutions company, Unimarket, have teamed up to launch a payment risk management tool named Payment Risk Score (PRS). The tool was developed with the intention to combat payment fraud through providing organizations a data-driven method to assess risk levels in various payment methods such as virtual cards, checks, ACH transfers, and wire transfers.</p>
 <p>The PRS tool is designed to provide valuable insights which allow organizations to turn from defensive to offensive risk management, thereby improving security and boosting operational efficiency in payment processes.</p>
</div> <p><b>Analyst Quicktake:<br>
</b> The latest tool builds on Finexio’s launch of its fraud protection tool ( <a href="https:<br>
//sp-edge.com/updates/32102"> Finexio Shield </a> ) for AP solutions to strengthen its fraud mitigation capabilities. The partnership also follows Unimarket's recent <a href="https:<br>
//www.unimarket.com/solutions/payments/"> introduction </a> of its fully managed accounts payable payments service, Unimarket Payments, to the US in May 2024. This collaboration with Finexio further strengthens Unimarket's position in providing comprehensive payment solutions to its customers.</p>

Finexio partners with Unimarket to launch payment risk assessment tool

<div>
 <p>Tab Commerce, a corporate card developer for the restaurant industry, has secured USD 2.5 million in seed funding. The investment round was led by Toba Capital and included participation from Matchstick Ventures, Mucker Capital, Cascade Seed Fund, and several restaurant customers. This funding has increased Tab Commerce's total capital to USD 4 million.</p>
 <p>The company has plans to use the new capital for the continued development of its cost control platform for restaurants. It also intends to create new financial products that are uniquely tailored to the restaurant industry.</p>
 <p>Tab Commerce specifically designs corporate cards aimed at helping restaurants manage their expenses. The company offers various physical and virtual cards options, 1% cashback on all purchases, software to control costs, and customizable spending limits. In addition, Tab Commerce has formed a partnership with the Texas Restaurant Association to provide the TRA Corporate Card.</p>
</div> <p><b>Analyst QuickTake:<br>
 </b> Tab Commerce is the first company in our coverage . It offers specialized business expense solutions for the restaurant industry, catering to a range of different functions, from managing corporate expenses to making restaurant and manager-level purchases.&nbsp;</p>

Tab Commerce raises USD 2.5 million in seed funding to develop restaurant platform

INCUMBENTS_PRESENT

<div>
 <p>Paylocity has disclosed its intent to purchase Airbase, a firm providing comprehensive expense management tools for corporations, for an estimated cost of USD 325 million.</p>
 <p>This acquisition anticipates expanding Paylocity's range of services, aimed at delivering integrated value to HR and finance leaders through a unified platform for managing all organizational expenses. Consequently, this strategy will broaden Paylocity's target market beyond Human Capital Management (HCM) to include the Office of the CFO.</p>
</div> <p><b>Analyst QuickTake:<br>
</b> This acquisition marks a significant step for Paylocity in accelerating its growth. Airbase, with its USD 251.5 million in funding and a broad <a href="https:<br>
//sp-edge.com/updates/30409"> product </a> portfolio, primarily serves large and medium-scale enterprises, providing Paylocity with new avenues for growth in terms of customer base and product offerings.</p>

Paylocity to acquire Airbase for USD 325 million to expand spend management offering

<div>
 <p>ISPnext and IFS Ultimo, providers of Business Spend Management and Enterprise Asset Management software respectively, have partnered to integrate their technologies for improved efficiency in purchasing processes. This is aimed particularly at sectors like wholesale, production and services which require high automation.</p>
 <p>As a result of this partnership, customers of IFS Ultimo can use ISPnext's AP Automation to handle and match orders to purchase invoices, along with implementing an approval process for IFS Ultimo orders via ISPnext's advanced workflow. This aims to avoid unapproved expenses and grants better control over expenditure.</p>
 <p>The technology integration is anticipated to assist customers in reducing costs, adapting quickly to market changes, risk prevention, and maintaining competitive advantage through more efficient organization of financial processes.</p>
</div>

ISPnext and IFS Ultimo partner to improve financial and asset management processes

<div>
 <p>Basware has officially registered its AP automation and invoicing platform as a Partner Dematerialization Platform (PDP) with the French Tax Authority General Directorate of Public Finance (DGFiP). This is part of a push to aid businesses in transitioning to mandatory e-invoicing.</p>
 <p>By being a part of the PDP working group, Basware is assisting in implementing this new mandate and helping French businesses adapt their financial systems to comply with e-invoicing regulations.</p>
 <p>According to a new rule, by the first of September, 2026, all businesses subjected to VAT/TVA in France will need to send and receive invoices electronically. The objectives are to boost transparency, reduce potential tax evasion, and enhance the efficiency of financial transactions.</p>
 <p>The European Commission has predicted that this shift towards e-invoicing will potentially reduce VAT fraud by as much as EUR 11 billion (~USD 12.2 billion) annually. In addition, it could potentially lower administrative and compliance costs for EU businesses by over EUR 4 billion (~ USD 4.4 billion) within the next ten years.</p> 
</div>

Basware’s AP platform registered as PDP provider to facilitate mandatory e-invoicing for French VAT-registered businesses

<div>
 <p>AP automation software provider, AvidXchange, has formed an exclusive partnership with agency management software company, Workamajig. The collaboration will offer invoice automation solutions.</p>
 <p>AvidXchange's invoice-to-payment automation tools will be integrated into Workamajig's platform. This will streamline AP processes for Workamajig’s 3,500 customers. The integration intends to make invoice management for creative and media agencies more efficient, cost-effective, and secure.</p>
 <p>This partnership expands on an existing payment integration between the companies, giving real-time updates and cross-platform visibility. The companies state that the system is made to support flexible workplaces, improve invoicing and payment accuracy, and free up employees to concentrate on wider business objectives.</p>
 
</div> <p><b>Analyst QuickTake:<br>
 </b> The new&nbsp;partnership is in line with the company's strategy to engage in partnerships to integrate its solutions with other software providers to diversify its offering to many industries. Previously, AvidXchange partnered with 1) <a href="https:<br>
//sp-edge.com/updates/29747"> MIP Fund Accounting </a> to enhance its accounting software solution, 2) <a href="https:<br>
//sp-edge.com/updates/23677"> appFolio </a> to enhance its property management solution, and 3) <a href="https:<br>
//sp-edge.com/updates/24711"> M3 </a> &nbsp;to develop solutions for the hotel industry.</p>

AvidXchange partners with Workamajig to automate invoice management for media companies

<div>
 <p>Coupa, a provider of a total spend management platform, has introduced over a dozen AI-driven innovations aimed at aiding companies to optimize their process efficiency and productivity. These new features, which will be available from September, include Coupa Navi, enhancements to Contract Intelligence, and the Coupa Advantage Marketplace.</p>
 <p>Coupa Navi is a personal agent powered by GenAI, created to enhance productivity. It accelerates request processing, finds document status and approvals more rapidly, and serves as a comprehensive knowledge base. The enhancements to Contract Intelligence now include the feature of risk-informed clause recommendations as well as legal agreement summaries generated by GenAI. The Coupa Advantage Marketplace offers access to a vast selection of products from reliable suppliers who offer pre-negotiated rates.</p>
</div>

Coupa launches AI-driven features for business operations

<div>
 <p>Stampli, an accounts payable platform, has initiated a partnership with Sage Intacct Construction (SIC), a cloud-based construction finance management software company, to offer its platform on SIC's marketplace. This collaboration makes Stampli the first accounts payable automation Fintech Plus Tier partner of SIC.</p>
 <p>This integration provides SIC’s clientele access to Stampli’s platform. Notable features include data synchronisation, a user-friendly environment for accounts payable staff, and a swift integration process without requiring additional development. Stampli's platform aims to centralise all accounts payable operations, streamline workflow, minimise errors and ensure timely payments to suppliers and subcontractors.</p>
 <p>Stampli asserts that their solution will aid SIC’s customers in simplifying intricate accounts payable procedures and boost automation. As evidence, Superior Masonry, a US-based masonry specialist company, utilised Stampli’s platform and reported significant improvements. These include a 93% reduction in invoice processing time, monthly savings of USD 10,000 from improved vendor charge oversight, and a weekly savings of 40–60 hours by automating manual AP tasks.</p>
</div>

All Updates

AvidXchange launches cross-border payment capability

Paymerang partners with Veracross to offer AP automation for K-12 schools

Routable partners with Convera to expand global payment capabilities for businesses

Finexio partners with Unimarket to launch payment risk assessment tool

Tab Commerce raises USD 2.5 million in seed funding to develop restaurant platform

Paylocity to acquire Airbase for USD 325 million to expand spend management offering

ISPnext and IFS Ultimo partner to improve financial and asset management processes

Basware’s AP platform registered as PDP provider to facilitate mandatory e-invoicing for French VAT-registered businesses

AvidXchange partners with Workamajig to automate invoice management for media companies

Coupa launches AI-driven features for business operations

Stampli partners with Sage Intacct Construction to simplify complex accounts payable processes and enhance automation

Business Expense Management

AvidXchange launches cross-border payment capability

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