Billtrust and Finexio partner on digital supplier payments
US-based fintech Finexio has joined the Business Payments Network (BPN) of B2B order-to-cash payment solution company Billtrust, with the aim of supporting the growth of its supplier network by expanding the coverage of suppliers that can be paid digitally.
In Q1 2020, Finexio onboarded $1.2 billion in customer accounts payable which was tenfold increase in supplier spend. The company also raised $2.5 billion in expansion capital and partnered with Mastercard and BirchStreet Systems.
According to the press release, Finexio can now provide faster and more accurate payment and reconciliation services for its customers as a result of joining BPN. The fintech has access to hundreds of suppliers that have Billtrust accounts receivable integration. Suppliers in this network can now process Finexio’s virtual card payments.
In February, CSI (Corporate Spending Innovation) had teamed up with Billtrust to integrate its Business Payments Network (BPN) and help customers automate the delivery of payments to their suppliers through its network.