Deluxe and ECHO Health Form JV to Bring Advanced Payables Solutions to the Middle-Market

Rhea-AI Summary

Deluxe and ECHO Health have formed a joint venture called DPX Payments to provide advanced payables offerings to the middle-market. DPX Payments will offer a comprehensive disbursements platform designed for businesses that send routine or recurring payments using paper. The solution offers multiple digital payment types, enhanced security, and seamless integration with accounting software platforms. The joint venture expands the partnership between Deluxe and Echo to offer these capabilities to all businesses, leveraging Deluxe's extensive network.

Positive

• Deluxe and ECHO Health have formed a joint venture called DPX Payments to provide advanced payables offerings to the middle-market.
• The new venture offers a comprehensive disbursements platform with multiple digital payment types and enhanced security.
• The joint venture expands the partnership between Deluxe and Echo to offer advanced payment capabilities to all businesses.
• DPX Payments leverages Deluxe's extensive network of businesses with existing relationships, enabling significant scale over time.

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• None.

MINNEAPOLIS--(BUSINESS WIRE)-- Deluxe (NYSE: DLX) and ECHO Health have joined forces to create DPX Payments, a joint venture to deliver advanced payables offerings to the large and underserved middle-market. The new venture will offer a comprehensive disbursements platform specifically designed for businesses that send thousands of routine or recurring payments to suppliers and vendors using paper today. With multiple digital payment types from which to choose and enhanced security, this solution offers seamless integration with the most popular accounting software platforms, reducing manual processes and mitigating the risk of fraud for small- and mid-sized businesses.

Deluxe and Echo first partnered in 2019 with the launch of the Medical Payment Exchange, which, along with the existing Deluxe Payment Exchange (DPX), is growing rapidly, processing more than $20 billion in payments annually. The new JV expands the partnership to offer these advanced payment capabilities to all businesses, with support for multiple payment types, including ACH, virtual card, paper check, push to debit card, and echeck, among others.

The joint venture will leverage the extensive network of businesses with existing relationships with Deluxe enabling significant scale over time.

"DPX Payments is the next step in the omnichannel payment strategy of Deluxe, offering an even broader range of digital payment solutions to the middle market," said Michael Reed, President of Payments at Deluxe. “DPX Payments reduces the burden on AP teams to worry about whether their payee can accept their preferred payment method, regardless of payment type preference.”

"Partnering with Deluxe, already a market leader in receivables management, was an obvious choice for us given its unparalleled distribution and reach," said Tom Dean, President of ECHO Health. “With this new launch, we're pleased to offer a more specialized and tailored digital solution that will now cater to other segments of the business payments marketplace. We believe that this joint venture will pave the way for even more significant growth opportunities for both Deluxe and ECHO Health."

About ECHO Health, Inc.

ECHO® is a technology company focused on removing complexity and costs from payment processing. We save our customers over $1 billion per year through comprehensive management of the claim payment process and providing access to the ECHO Payment Network, the industry’s largest network of insurers and service providers. ECHO settles over 500 million claims and distributes over $100 billion in payments securely across the ECHO Payment Network annually; and proprietary ECHO technology keeps policyholders and service providers happy by ensuring payments are sent in the manner they prefer.

About Deluxe

Deluxe, a Trusted Payments and Data company, champions business so communities thrive. Our solutions help businesses pay, get paid, and grow. For more than 100 years, Deluxe customers have relied on our solutions and platforms at all stages of their lifecycle, from start-up to maturity. Our powerful scale supports millions of small businesses, thousands of vital financial institutions and hundreds of the world’s largest consumer brands, while processing approximately $3 trillion in annual payment volume. Our reach, scale and distribution channels position Deluxe to be our customers’ most trusted business partner. To learn how we can help your business, visit us at www.deluxe.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230502005698/en/

Tom Morabito, VP, Investor Relations

470-607-5567

tom.morabito@deluxe.com

Keith Negrin, VP, Communications

612-669-1459

keith.negrin@deluxe.com

Source: Deluxe Corporation

FAQ

What is DPX Payments?

DPX Payments is a joint venture between Deluxe and ECHO Health that provides advanced payables offerings to the middle-market.

What does DPX Payments offer?

DPX Payments offers a comprehensive disbursements platform with multiple digital payment types and enhanced security.

Who does DPX Payments cater to?

DPX Payments caters to businesses that send routine or recurring payments using paper.

What is the partnership between Deluxe and Echo?

Deluxe and Echo have partnered to offer advanced payment capabilities to all businesses.

What is the advantage of DPX Payments leveraging Deluxe's network?

DPX Payments can achieve significant scale by leveraging Deluxe's extensive network of businesses with existing relationships.