Finexio, a fintech company offering a comprehensive accounts payable payments-as-a-service solution, today announces its partnership with Billtrust, the leader in B2B order-to-cash solutions, to provide faster digital payments to its suppliers and support the continued growth of its supplier network. Billtrust’s Business Payments Network (BPN) bridges the world of B2B payments by connecting buyers and suppliers on one powerful platform. This partnership expands the coverage of suppliers that can be paid electronically through Finexio’s network.
Paper checks have traditionally been the preferred method of payment for many accounts payable teams, even up until recently. However, the COVID-19 pandemic has pushed many businesses to transition to faster, more accurate and increasingly digital payment options. Finexio provides customers the opportunity to eliminate 100% of manual payments, reducing the workload of finance teams – from contacting vendors and managing preferred payment methods, to cutting down the time it takes to track when payments are sent and received.
By joining BPN, Finexio now provides faster and more accurate payment and reconciliation services to better service its customers. Finexio has access to hundreds of high-value suppliers where Billtrust has accounts receivable integration. Suppliers in this network now have the ability to process Finexio’s virtual card payments, aiding in the expansion of card-enabled merchants that Finexio is able to pay. In addition, automated invoice reconciliation will be provided to reduce the friction of B2B payments and increase transparency.
“The expansion of our supplier network through this partnership with Billtrust enables us to better serve our customers as we continue to scale,” said Ernest Rolfson, founder and CEO of Finexio. “We’re excited about Billtrust’s ability to reduce our efforts in making payments to their network of large and complex suppliers as part of our ongoing commitment to provide a complete suite of B2B payment services to our customers.”
Finexio has been growing at an exponential rate over the last few quarters accelerating revenue by 159% YoY during that time. Finexio’s customers spend nearly $3b annually to over 60,000 global suppliers. Driven by the pandemic-led recession, CFOs are now urgently seeking AP payment solutions that can reduce costs, increase automation, and improve cash flow, Finexio has been the preferred solution to address these pains.
“As Finexio experiences impressive growth, its collaboration with BPN can further increase its electronic spend and continue to bridge the overall B2B payments gap,” said Nick Babinsky, vice president and general manager of BPN at Billtrust. “Every supplier has their own preferred payment method, and this partnership allows for more seamless transactions and fewer delays.”