TORONTO, ON–(Marketwired – April 20, 2016) – Cambridge Global Payments, a leading provider of integrated cross-border payment services and risk management solutions, and Beanworks Solutions, a leader in cloud-based accounts payable automation, today announced their strategic partnership to provide businesses with cost-effective accounts payable automation that now allows for electronic payments of vendor invoices including cross border.
Globally, it is estimated that over 500 billion invoices are processed between companies annually. With only 40 million converted to a digital format, the majority still flow through the accounting process in paper form. This means that most invoices are processed manually; up to and including payment by paper cheque, leading to costly errors and delays. The Canadian market is only just beginning to leverage the cloud to increase efficiency in finance.
“Our revolutionary partnership with Cambridge is a game changer when it comes to B2B payments,” stated Catherine Dahl, Chief Executive Officer of Beanworks Solutions. “Our customers will now be able to streamline their entire payables process from PO to electronic payment in one closed-loop system with total visibility and cost-efficiency. We are proud to be the only Canadian cloud-based AP automation company with the ability to offer this to our global clients.”
This partnership will deliver high visibility across the accounting process from invoice validation through to payment confirmation, saving customers substantial time and money. Through the combination of Beanworks’ AP solution and Cambridge’s payments technology, users will have the ability to reconcile purchase orders and invoices side by side before proceeding directly to payment in over 170 different currencies. This strategic product partnership means companies no longer need to initiate wire transfers from their bank or other service provider. Payments get released directly from the Beanworks platform that is tied to Cambridge’s real-time foreign exchange rates, creating a one stop shop for all your accounts payable and vendor payment needs.
“We look forward to partnering with Beanworks to provide a combined AP invoicing and global payments solution that minimizes administrative overhead, leaving our customers more time in their day to focus on growing their business,” said Corinne MacMillan, Chief Technology Officer, Cambridge Global Payments. “At Cambridge, we strive to create flexible integration of our partner solutions, so we can collectively bring the most innovative and value-added services to our clients.”
About Cambridge Global Payments
Cambridge Global Payments is a leading provider of integrated cross-border payment services and risk management solutions. As a trusted partner for over 20 years, Cambridge delivers innovative solutions designed to mitigate foreign exchange exposure and address unique business needs. Our award-winning capabilities and industry-leading technologies simplify the way businesses connect with the global marketplace. As one of the largest bank-independent providers globally, we are flexible and responsive, with offices across North America, Europe, and Australia. Learn more at cambridgefx.comand follow us on Twitter and LinkedIn.
About Beanworks Solutions Inc.
From purchase order to electronic payment, BeanworksAP seamlessly integrates with your accounting software to offer cloud-based, cost-effective accounts payable. Beanworks fosters collaborative accounting so companies can manage AP at a fraction of traditional processing costs and focus on strategic financial management and reporting. We believe in customer-driven design and work closely with our users to constantly bring new features and enhancements to our cutting-edge system. For more information, visit www.beanworks.com and follow us on Twitter andLinkedIn.