Spend management platforms make further inroads in the commercial payments space
In recent news, CreditQ integrated its business credit management with Tally while Medius acquired OnPay Solutions.
In the former, CreditQ which is a business credit management web portal has integrated its services with Tally, an ERP platform to launch a Business Credit Management (BCM) platform. This would support the businesses in business growth as well as managing cash flows.
As per the announcement, this integration would help businesses to keep track of the credit management function in the MSME by “tracking and controlling digital transactions between businesses to produce no defaulters”.
The platform would be equipped with making credit and defaulter reports and an interface accounting software for suppliers and buyers to provide accurate information about credit, non-payers, and defaulters.
This would also allow buyers and suppliers to be reminded of the payment deadline prompting them to maintain cash flow and capital needs.
CreditQ as a company assists both buyers and suppliers with digital tracking of materials and payments on its platform.
In the later news, Medius which is an account payable (AP) automation solution acquired the invoice payments provider, OnPay. The acquisition deal amount is undisclosed.
This year, AirPlus and Coupa teamed up for business spend management.
As per the statement, this acquisition will enable Medius to integrate payment processing AP automation to what the company termed as the ‘last mile’ directly into its source-to-pay platform. This would enhance the clients’ operational efficiency and reduce fraud and risks.
As noted, Onpay solutions provide AP processes and lower costs for automating invoice payments and it also facilitates virtual card, ACH, check and wire payments for more than 400 customers ranging from mid-sized companies.
With this acquisition, the company’s solution will be integrated with Medius which will ‘strengthen Medium’s ability to automate payment processing through its own platform as well as existing third-party payment partners including Nomentia, Transfermate and Corpay’.
The deal will also expand Medius’s footprint in domestic US markets. Cohen & Company Capital Markets served as an exclusive financial advisor to OnPay Solutions. Stoel Rives LLP is acting as legal counsel to Medius, and Morris, Manning & Martin, LLP, is acting as legal counsel to OnPay Solutions.