Priority and Procurement Partners Announce Strategic Partnership

Rhea-AI Summary

Priority Technology Holdings (NASDAQ: PRTH) has launched a strategic partnership with Procurement Partners, integrating its Priority Commercial Payments Xchange (CPX) into Procurement’s eProcurement platform. This integration aims to enhance accounts payable processes for over 100 healthcare organizations and 200 vendors, impacting nearly 2,000 healthcare facilities nationally. By automating payment solutions, it's expected to save clients up to 40% in time and 10% in annual spending, while improving cash flow management and supplier relationships, according to Procurement's COO, Deb Woods.

Positive

• Strategic partnership with Procurement Partners enhances payment solutions.
• Expected time savings of up to 40% for healthcare organizations.
• Anticipated reduction in annual spending by approximately 10%.

Negative

• None.

CPX integration brings best-in-class payment solutions to healthcare providers

ALPHARETTA, Ga.--(BUSINESS WIRE)-- Priority Technology Holdings, Inc. (NASDAQ: PRTH) (“Priority”), a leading payments technology company helping customers collect, store, and send money, has announced a strategic partnership with Procurement Partners, a provider of procure-to-pay (P2P) solutions for post-acute care and senior living communities.

Under the partnership, the integration of Priority Commercial Payments Xchange (CPX) into Procurement Partner’s eProcurement platform will streamline accounts payable solutions for over 100 healthcare organizations and over 200 integrated vendors who provide equipment to nearly 2,000 healthcare facilities across the United States.

“A partnership was formed with Priority to strengthen our P2P solutions and CPX will provide our healthcare partners greater efficiencies by transforming time-intensive AP processes into streamlined strategic working capital management,” said Deb Woods, Chief Operating Officer of Procurement Partners. “Together, our technology will help our current and future clients achieve a time savings of up to 40% and reduction in annual spend of approximately 10% while gaining greater control, better visibility into cash flow, and stronger supplier relationships.”

CPX offers automated solutions for virtual card, ACH with terms and check through single payment instruction file along with critical reconciliation data regardless of payment method accepted by suppliers. “Procurement Partners integration with CPX exemplifies their dedication to bringing the best solutions to their healthcare partners,” said Stephen Tackett, Executive Vice President and head of the B2B division of Priority Technology Holdings. “Our seamlessly combined technology will provide P2P customers with a fully transparent interface, deep reporting, and real-time insights into payment status and supplier acceptance while increasing bottom-line revenue.”

Engineered to help buyers and suppliers find the intersection of value, CPX powered by Priority eliminates inefficient manual processes while accelerating payments and managing transaction costs for suppliers.

About Priority Technology Holdings, Inc.
Priority is a payments powerhouse driving the convergence of payments and banking. The company has built a single platform to collect, store, and send money that operates at scale. We help our customers take and make payments while managing business and consumer operating accounts to monetize payment networks. Our tailored, agile technology powers high-value payments products bolstered by our industry-leading personalized support. Additional information can be found at www.PRTH.com.

About Procurement Partners
Since 2010, Procurement Partners has been leading the business commerce evolution with its procure-to-pay (P2P) solution. The complete procurement and transaction automation portal, built and supported by Procurement Partners, reduces off-contract spending, and drives efficiency to purchase processes while automatically auditing every invoice. The significant amount of flexibility of the Portal, the ability to capture 100% of invoices, and the capability to service customers and vendors of all sizes have made Procurement Partners one of the fastest-growing P2P solutions in multiple markets. Learn more at www.procurementpartners.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220113005008/en/

Dave Faupel

(229) 588-8354

Source: Priority Technology Holdings, Inc.

FAQ

What is the recent partnership announced by Priority Technology Holdings (PRTH)?

Priority Technology Holdings has partnered with Procurement Partners to integrate its CPX payment solution into their eProcurement platform, benefiting healthcare organizations.

How will the integration of CPX impact healthcare organizations?

The integration aims to streamline accounts payable processes, potentially saving clients up to 40% in time and 10% in annual spending.

What benefits does the CPX solution offer to healthcare providers?

CPX offers automated payment solutions, improved cash flow visibility, and stronger supplier relationships by eliminating manual processes.

When was the partnership between Priority Technology Holdings (PRTH) and Procurement Partners announced?

The partnership was announced in a press release on the date of publication.