Coupa Software (NASDAQ: COUP), a leader in Business Spend Management (BSM), today announced new innovations under its Coupa Pay offering as well as a strategic partnership with global payments technology provider TransferMate.
These announcements deliver on Coupa’s vision of creating a comprehensive cloud platform for businesses to spend smarter, simpler, and safer at every transactional step of their Business Spend Management strategy.
“For far too long, businesses have been forced to deal with a complicated and labor-intensive payments experience, and we purpose-built Coupa Pay to address this challenge,” said Rajiv Ramachandran, vice president of product strategy at Coupa. “Today’s announcement is another step forward in realizing our vision of one platform to manage all business spend, including payments. It’s now even easier for the BSM community to manage payments seamlessly with their other business spend processes so everyone is spending and paying smarter.”
Seamless and Secure Digital Payments Globally
Research shows that 50 percent of companies are still paying their suppliers manually, and 40 percent of business-to-business payments in the U.S. are still done by paper check. Today’s dynamic, global environment requires businesses to move and transact quickly, both domestically and abroad. Yet with so many different payment rails – each requiring its own unique ERP connection and manual authorization process – Accounts Payable (AP) teams are inundated with time-consuming, tactical work to manage these transactions.
With Coupa Pay Invoice Payments, AP teams are now empowered to efficiently transact in one secure step, seamlessly, through a wide variety of payment options, including domestic bank transfer, cross-border payment, and digital checks. With this solution, companies can now orchestrate and govern their end-to-end payments processes with a unified platform, thereby reducing manual work, compliance risk, and fraud.
"Moving invoice payments to Coupa was an easy decision for Odonate as we work to unify all of our business spend and payments processes within one unified platform,” said Alison Bussett senior director, accounting and controller at Odonate. “Before Coupa Pay, there were many time-consuming steps that our team had to take to pay our suppliers. With Coupa Pay, the process is now much simpler and we’ve gained time back to focus on more strategic projects that are valuable to the business.”
Innovative Partnerships to Pay Simpler
In partnership with TransferMate, one of the largest global payments technology providers, Coupa Pay will now offer payments technology and access to TransferMate’s domestic payments capabilities across dozens of countries as well as cross-border payments in more than 100-plus countries and currencies. TransferMate’s regulatory money movement rails are seamlessly connected with Coupa Invoice Payments providing businesses with a global, unified platform to manage their payments.
“TransferMate’s payment technology, combined with Coupa’s best-in-class BSM platform, provides customers with a comprehensive global payment experience, delivering cost savings, increased speed, and immediate reconciliation,” said Sinead Fitzmaurice, CEO at TransferMate, a Taxback Group company. “Our payments technology has been selected by some of the world’s leading banks, including Wells Fargo, ING Group, and AIB, and we are now delighted to collaborate with Coupa.”
This is one of a number of innovative payments partnerships that Coupa will announce at its Inspire’19 conference, each aimed at empowering buyers and suppliers to spend and pay smarter together.