Earthport, the cross-border payments service provider, and Invapay, a payment aggregator and trading platform, today announced they have selected Earthport to deliver a fully automated cross-border international payments service.
Under this agreement, Invapay will leverage Earthport's payment platform to provide an end-to-end solution that enables a 'one-stop shop' for international supplier payments offering greater efficiencies and cost savings.
Invapay is a regulated provider of procurement and electronic payment services connecting corporate buyers and vendors worldwide. To address the needs of corporate clients with international supplier payment requirements, Invapay needed a service provider to help settle cross-border payments without having to develop individual relationships with overseas banks. Earthport offered the capability and global reach to fully automate cross-border payments at a fraction of the cost of traditional methods.
"Integrating Earthport will automate Invapay's solution for international payments for the whole of the international supply chain, from big wholesale suppliers to the smallest one-time-only vendors. One-time-only vendors can account for 80% of an organisation's purchase-to-pay administrative costs. This service will eliminate the need for manual payment processing and reconciliation for international payments, allowing us to reduce the cost for payment settlement," said Sid Vasili, CEO and Founder of Invapay.
With Earthport's international reach and payment automation capabilities Invapay can now provide an end-to-end automated procure-and-pay solution which includes international payments and provides better efficiencies around accounts payable, including e-invoicing and payments settlement for their corporate customers.
"We are proud to partner with Invapay and support the development of a superior global procure-and-pay solution that fully automates and integrates the payment process into the procurement chain," said Paul Thomas, Executive Director at Earthport.
"Our payment processing model compliments Invapay's service to enable international suppliers to benefit from a highly reliable payment solution that reduces administrative and transaction costs, while delivering a faster payment settlement service," he added.