Paya Partners with Transcard, Adding Fully-Integrated Accounts Payable Module
Paya (NASDAQ: PAYA) has announced a partnership with Transcard to enhance its B2B commerce solutions. This collaboration integrates Transcard's technology to offer a comprehensive accounts payable (AP) module, streamlining payment processes for customers. Paya aims to simplify transactions by combining accounts receivable (AR) and AP operations through a single API, facilitating efficient interactions between businesses and suppliers. This development strengthens Paya's offerings, reinforcing its market position across high-growth sectors.
- Partnership with Transcard to enhance B2B commerce solutions.
- Integration of a comprehensive accounts payable (AP) module.
- Streamlined payment processes through a single API.
- Potential risks associated with achieving expected benefits from the partnership.
Expands modern B2B commerce solution suite through new technology partnership
ATLANTA, Jan. 24, 2022 (GLOBE NEWSWIRE) -- Paya (NASDAQ: PAYA), a leading integrated payments and commerce solution provider, today announced its partnership with Transcard, a global leader in payment technology solutions for financial institutions, Fintechs, and businesses. Through the integration of Transcard’s technology and banking infrastructure, Paya will substantially expand its B2B commerce solution suite, adding a best-in-class, fully-integrated accounts payable (AP) module and supplier network.
This new partnership will enable Paya’s customers to seamlessly send payments, coupled with rich data, to their suppliers via ACH and virtual card, reducing the back-office burden caused by paper checks. Further, by offering comprehensive AP automation and payments combined with its leading accounts receivable (AR) and cash application capabilities, Paya becomes a “one-stop shop” for payments, workflow, and working capital management—capabilities that can be seamlessly integrated into CRM and accounting software used by sophisticated B2B merchants across Paya’s high-growth verticals. The integrated AR and AP solutions will be offered through a single API and a single portal, enabling businesses to interact with their customers and vendors in a simplified and efficient manner, while providing scale and operational efficiency to the back-office.
“We are incredibly excited to offer Transcard’s market-leading AP automation capabilities to both our large existing AR customer base and software partners, as well as prospective partners serving our core verticals,” said Ben Weiner, Paya’s Chief Strategy Officer. “With a best-in class, fully-integrated AR/AP solution, with Paya’s dedicated focus on partner enablement, and complemented by our acquisition of VelocIT announced last week, Paya continues to strengthen its value proposition to software partners and their end-customers by offering differentiated commerce solutions.”
“We are thrilled to partner with Paya to extend our technology to their substantial distribution network,” said Transcard CEO Greg Bloh. “Paya’s reputation for dynamic AR solutions, deep knowledge of the integrated payments space, and leadership across B2B commerce serves as an important endorsement of Transcard and the value we deliver.”
Note Regarding Forward-Looking Statements
Certain statements made in this press release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” “will,” “approximately,” “shall” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks (such as Paya’s inability to achieve the expected benefits from the partnership with Transcard), as well as uncertainties, assumptions and other important factors, many of which are outside our control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
About Paya
Paya (NASDAQ: PAYA) is a leading provider of integrated payment and frictionless commerce solutions that help customers accept and make payments, expedite receipt of money, and increase operating efficiencies. The company processes over
About Transcard
Transcard makes frictionless payments a reality with comprehensive global payment solutions designed for banks, Fintechs, and businesses of any size and in any industry. Transcard delivers solutions for business-to-business (B2B) payments, consumer-to-business (C2B) payments, business-to-business-to-consumer (B2B2C) payments, account-to-account automation, and Banking as a Service (BaaS). Our solutions combine unmatched multi-rail capabilities, embedded workflows, best-in-class integration, effortless reconciliation, and bank-grade security. These are some of the reasons that many fortune 500 businesses and banks trust Transcard with their payments. Learn more at www.transcard.com.
Investor Contact:
Matt Humphries, CFA
Head of Investor Relations
470-489-1180
matt.humphries@paya.com
Media Contact:
Emily Bell
212-784-5704
ebell@groupgordon.com
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