AvidXchange and SAP Concur partner for business payments
The trend of partnerships between payments fintechs and expense management platforms continues.
This week, accounts payable and payment automation company AvidXchange has rolled out an integration with T&E platform SAP Concur.
A number of companies have launched integrated products in partnership, such as PCMI and Infintech, who launched automated B2B payments, Everlink Payments Services and Fintainium and APS Payments Solutions and Sage X3.
With this integration, it will allow Concur Invoice clients to pay bills by offering flexible e-payment options to suppliers through the AvidPay Network, including virtual card and AvidPay Direct which is a proprietary ACH+ product backed by ACH.
“Because the majority of B2B payments are still made with paper checks, we are partnering with the SAP Concur organization to bring a fully automated invoice-to-payment integration to customers,” said Michael Praeger, CEO and co-founder of AvidXchange.
Concur Invoice allows businesses to capture and automate invoices using machine learning and integrate those payments into a single system to manage spendings. With this partnership with AvidXchange, Concur Invoice clients would have visibility and speed up payment processing. SAP Concur previously announced a partnership with Brex.
According to the latest press release, clients sending e-payments through the AvidPay Network experience fast and secure payments, ensuring suppliers are paid accurately and on time. AvidXchange processes over $140 billion transactions annually across its network of more than 680,000 suppliers.