WorldPay, a global leader in payment processing, risk and alternative payments, and Fundtech, a leading provider of financial technology to banks and corporations, have today announced a partnership which will see WorldPay's payment services integrated into Fundtech's Accountis EIPP solution.
The partnership means that users of Fundtech's Accountis EIPP solution will have the option to pay directly upon receiving the invoice, using their preferred payment method. Customers will benefit from a fully integrated invoicing process, which significantly reduces transaction times and simultaneously removes the negative effect of delayed payments caused by cheque settlements.
Research has found that the amount owed to businesses in the UK alone amounts to over £36.5bn*, despite the fact that over 1,000 UK businesses are signed-up to the Prompt Payment Scheme. The integration of WorldPay's corporate gateway into the Fundtech's Accountis EIPP solution aims to tackle the challenge of delayed payments that impact the bottom-line for many businesses. Thousands of financial institutions and companies across the globe rely on Fundtech to improve operational efficiency, increase revenues, and to provide greater competitiveness through business-to-business services. The addition of WorldPay's corporate gateway maximises e-invoicing payment acceptance and global reach.
The commercial benefits of e-invoicing exist when it transforms the entire payment process, as the invoice becomes a request for payment, integrated with the accounts system and the supplier payment system. Recent developments in government mandates and legislation indicate that a greater number of businesses will begin to adopt e-invoicing in various forms.
A directive from the European Union on 1st January 2013, which made amendments to tax requirements, removed barriers that had previously hindered its adoption, namely by lifting the legislative requirements for the delivery of electronic invoices.
Shane Happach, Chief Commercial Officer, eCommerce division at WorldPay, comments: "The true benefits of e-invoicing have been increasingly recognised in recent years as businesses look to make themselves more interoperable to buyers and suppliers. The next step in its development is to improve the payment offering made available in invoicing exchanges, which has arguably prevented e-invoicing from full adoption. WorldPay and Fundtech's partnership tackles and solves this problem head on, allowing businesses to fulfil payment requirements in a way that is convenient with the added benefit of providing choice in the payment method used."
Kim Dennis, Sales and Marketing Director, Fundtech, comments: "E-invoicing adoption is on the rise globally. Our partnership with WorldPay solves the payment conundrum, allowing businesses to settle transactions in a timely and convenient way."