Transcard and Previse to offer early payments solution

Accounts payable and Accounts Receivable management has become a key in managing the cash flow of businesses at times when businesses are still struggling to open up fully in a pandemic world. The payment companies have stepped in to provide products and services to ease out the payments and cash management network.

This week, US-based payments solutions company Transcard and UK based supplier payments solution company Previse have partnered to embed Previse’s early payment discount solution in Transcard’s SMART Exchange account-to-account (A2A) payment platform, as stated by the press note.

Previse’s AI tech enables one-day payments to suppliers which the company claims otherwise would take much longer, the AI solution automatically assesses the invoice which is likely to be paid and provides suppliers with an option of receiving immediate payment.

“Embedding Previse’s early payment discount technology into Transcard’s SMART solution suite makes it easy to accelerate payments to suppliers,” the press release noted. Adding further, when suppliers submit the invoices, Previse makes the payment for a less fee which is ahead of payment schedule terms through Transcard’s SMART Exchange A2A payment platform.

The Smart Exchange platform connects buyers and suppliers through their banks and ERP platforms. The press release said that while financed payments are good for suppliers as they need a ‘cost-effective and predictable way to accelerate their cash flow’, on the other side buyers can meet the demand from the suppliers for father payments without crushing into their balance sheets.

“Suppliers access cash earlier and more efficiently compared to traditional financing options. And buyers can accelerate payments to suppliers, strengthen their supply chains, and share in financing revenues, without impacting their own working capital,” said Steven Lauricella, Head of Business Development at Previse.

Previse an embedded finance platform that uses AI to finance B2B platforms and uses technology and algorithms analyzes invoice data to identify invoices that are eligible to be paid instantly while Transcard works in payments in B2C, B2B, C2B, A2A and B2B2C structures and provides payment solutions to banks, fintechs and businesses of all sizes.