Finstro introduces corporate card and ERP platform in the US

Still under-penetrated B2B payments space has attracted many companies to launch products and services which can benefit end clients. Integration of payments and ERP platform is the concept that has drawn attention due to its streamlining of paperwork and payments.

This week, Australia based trade credit and payments solution provider Finstro has introduced a corporate card solution and an integrated ERP solution.

As the company mentioned in the press note that it is ‘capitalising’ on the ‘growing digital adoption momentum in the business-to-business (B2B) space’ has launched a product that will support buyer and seller trade relationships.

Recently, Synovus  launched integrated accounts receivable platform in the North American region while Bank of America launched its own AP automation platform.

The company cited a Goldman Sachs report which highlighted that paper-based payment processes in the U.S.-based B2B commerce accounted for nearly 70% of transaction volume, and cost businesses more than $2.7 trillion in administrative costs.

“The adoption of digital processes in the order-to-cash cycles can create workflow efficiencies and reduce working capital to the benefit of both suppliers and their business customers”, said Brad Prout, CEO at Finstro. Adding further he said, “We expect to see these disruptive trends continue in U.S. B2B markets, and suppliers who adopt technology-driven solutions will have a competitive advantage when providing business customers with more flexible trade credit terms”.

According to the company’s website, it has partnerships with Xero and Myob. The company’s platform is API enabled and is able to integrate directly into existing supplier ERP systems.