Integrated AP and procurement automation company, PairSoft forms payment processing partnership with Finexio, a Payments-as-a-Service provider.
“PairSoft Pay, powered by Finexio, will further solidify the high performance of AP and procurement teams using PairSoft’s comprehensive solutions,” the company said in a news release on August 15.
PairSoft called it a crucial part of its plan to have “a harmonized, non-siloed spend management cycle” that saves companies time and money and eliminates paper checks. In addition, the company says customers will get access to one-click payments, added security and control and multiple vendor payment options.
The company says the integration rounds out its suite of offerings. PairSoft Pay covers a variety of payment types and channels, such as virtual cards, ACH, wire transfer and paper checks, depending on the needs of the user.
“We are excited and ready to jump into payments,” PairSoft CEO Matt Cotter said in the release. “This is the next great step in our mission to lead the procure-to-pay market, and we couldn’t have chosen a better teammate than Finexio. Innovation and strategy are at the heart of everything we do, and this product is the latest proof point.”
On the topic about the rise of accounts payable (AP) automation, the consumerization of B2B payments, and other trends that became popular in 2021, earlier this year, Cotter told PYMNTS, “That’s not a ‘2021 and we’re done,’” he said. “Consumerization is going to be a 10-year journey for us, where we’re continually modifying, tweaking, playing with the [user experience] — and I’m not talking about PairSoft, I’m talking about the industry as a whole.”
Last month, Finexio teamed up with payables automation provider Scrypt on an offering that combines Scrypt’s artificial intelligence (AI)-driven payables platform to Finexio’s cloud-based B2B payments infrastructure.
“By simulating human thinking, Scrypt can read any document or image, then learn, discover and perform judgment-based tasks on its own,” the companies said in their announcement. “Through the Finexio partnership, Scrypt customers will now have access to Finexio’s … payment offerings, creating a completely streamlined and autonomous [accounts payable (AP)] payments process.”