Partnering Fundtech
WorldPay and Fundtech, a provider of financial technology to banks and corporations, have announced a partnership which will see WorldPay’s payment services integrated into Fundtech’s Accountis EIP 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 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 GBP36.5bn, 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 EIP solution aims to tackle the challenge of delayed payments that impact the bottom-line for many businesses.
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.”
Whitepapers
Related reading
Central banks best suited to issue digital currencies
By Aaran Fronda A recent report by the Official Monetary and Financial Institutions Forum (OMFIF) said that central banks rather than private ... read more
Instant payments: innovations inbound for corporates
In 2020, instant payments look set to continue their current trajectory to become the biggest trend in payments. While these schemes already offer numerous benefits to corporates, leveraging innovations such as APIs and request to pay will go some way to unlocking their full potential, argues Michael Knetsch
Obstacles exist for banks to meet ECB’s instant payments goal
The cost of joining instant payment platforms will be one of many hurdles banks and payment services providers must overcome to meet ... read more
Banks must be aware of “biases” in data used to train ML models
Financial institutions need to be conscious of biases in the historical data that is being used to train machine learning (ML) models, ... read more
