PairSoft enters accounts payable space with Finexio partnership

PairSoft launches AP payment solutions amid increasing adoption of automated solutions

by | August 16, 2022 | bobsguide

PairSoft, a US accounts payable and procurement automation company, has partnered with accounts payable service provider, Finexio, to launch a new B2B digital payment solution, PairSoft Pay.

The launch marks PairSoft’s entry into the payments space and forms part of the company’s plan for a harmonised spend management cycle to save customers time and money via automation and the elimination of paper checks.

PairSoft Pay covers a range of payment types and channels, including payment methods like virtual cards, ACH, wire transfer, and paper checks per user needs.

The solution aims to amplify customer experience with one-click payments, increased security and control, high-touch supplier enablement and multiple payment options for vendors, according to PairSoft.

Finexio gains traction in the market

PairSoft’s selection of Finexio continues the momentum Finexio has been building recently with a series of partnership announcements and funding rounds.

In May, Banc of California chose Finexio to power the bank’s account payable B2B payment solution, Banc PremierPay.

Previously, real-time accounting platform SoftLedger chose Finexio’s payment technology prowess to release an AP (accounts payable) payment solution, SoftLedger Pay.

Finexio has also garnered interest from investors, securing $24 million in funding so far this year.

The group first raised $10 million in January, after Mendon Venture Partners invested $1 million to join existing investors to increase the total financing pot.

In July, the fintech raised another $14 million in the initial close of its $30 million Series B funding round, putting its pre-money valuation at $100 million.

Firms turn to automation to streamline AP processes

PairSoft’s partnership with Finexio and the latter’s recent activities highlight the slowly increasing popularity of automation among businesses to simplify the accounts payable processes.

In a 2021 global survey of IFOL members by trade and certification body, The Institute of Financial Operations and Leadership (IFOL), 9% of the respondents revealed that their AP teams are fully automated, up from 5% in 2019, while 54% of the respondents said they were partially automated.

The survey also revealed that 41% of the companies are planning to automate their AP processes in 2022, up by 5% from the 2019 survey results.

The move to automate AP payments comes as firms look to streamline the process, with automation providing companies with quicker approval of invoices, lower costs and reduction in late payments among other benefits.

The increasing demand for automated AP solutions has forced some firms to take action and maintain their footing in the industry.

In July, Capital One partnered with payments platform, Melio, to launch a fully integrated accounts payable solution, enabling Capital One small business cardholders to pay their vendors and suppliers with a card directly from their business account.

In August, New York-listed payments company, Fleetcor Technologies, acquired accounts payable automation provider, Accrualify, to enhance the group’s payment solutions.

According to Ron Clarke, chairman and CEO at Fleetcor, the company expects the availability of Accrualify’s capability to “increase demand and revenue per client” for its corporate payments product line.

Categories:

Resources

Changing Regs and Standards Creates a Vital API Role

Best Practice | Payments Changing Regs and Standards Creates a Vital API Role

NXTsoft
How Does NXTsoft OmniConnect Work for Partners?

Video | Payments How Does NXTsoft OmniConnect Work for Partners?

NXTsoft
DON’T BE LOCKED-DOWN, LOCKED-IN OR LOCKED-OUT

White Paper | Payments DON’T BE LOCKED-DOWN, LOCKED-IN OR LOCKED-OUT

Compass Plus Technologies
Digital Payments Transformation with ISO 20022 as the Springboard

White Paper | Banking Digital Payments Transformation with ISO 20022 as the Springboard

Bottomline