Invapay, a payment aggregator and trading platform has signed an agreement with cross-border payments service provider, Earthport, to use its payment platform to provide an end-to-end solution designed to enable a ‘one-stop shop’ for international supplier payments offering greater efficiencies and cost savings (view press release). Invapay, a regulated provider of procurement and electronic payment services wanted a service provider to help settle cross-border payments without having to develop individual relationships with banks overseas.
“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,” said Sid Vasili, CEO and Founder of Invapay. “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.”