REPAY to Power Accounts Payable Payments for Optima Global Solutions

Rhea-AI Summary

Repay Holdings Corporation (NASDAQ: RPAY) has announced a new integration with Optima Global Solutions, enhancing the payment capabilities within Optima's accounts payable automation solution, transcendAP. This integration aims to streamline the accounts payable process, allowing clients to securely pay vendors via REPAY’s technology. It also reduces fraud risk and can generate rebates through the use of virtual cards. Both companies are collaborating with Sigma Analytics to offer a comprehensive digital solution for accounts payable optimization. This partnership is expected to improve operational efficiency for clients while minimizing processing errors and operating costs.

Positive

• Integration of REPAY's payment solutions with Optima's transcendAP streamlines accounts payable processes.
• Enhances security in vendor payments and reduces fraud risk through virtual cards.
• Collaboration with Sigma Analytics offers a comprehensive solution for accounts payable optimization.
• Expected increase in operational efficiency and reduction in processing errors for clients.

Negative

• None.

REPAY’s payment functionality will be integrated directly into Optima’s accounts payable automation solution, transcendAP

ATLANTA--(BUSINESS WIRE)-- Repay Holdings Corporation (NASDAQ: RPAY) (“REPAY”), a leading provider of vertically-integrated payment solutions, today announced a new technology integration with Optima Global Solutions (“Optima”), a software and services firm specializing in providing IT consulting and digital transformation solutions. The integration will enable Optima’s customers to further streamline accounts payable processes and securely pay vendors and suppliers directly through transcendAP, Optima’s intelligent accounts payable automation solution for efficient and secure payment of approved invoices.

transcendAP, built on Kofax TotalAgility^®, the market leading intelligent automation platform, streamlines the procure to pay lifecycle through automatically capturing, extracting, classifying and processing purchase order and non-purchase order invoices. Available on the cloud, transcendAP includes purchase order (2way) and receipt (3way) matching, role-based approval workflows, exception processing, notifications, intelligent GL coding, end-to-end analytics and real-time ERP integration to single or multiple ERPs.

In tandem with transcendAP’s back-office benefits, the REPAY integration allows businesses to seamlessly pay vendors by streamlining and automating digital outbound payments. Additionally, clients using REPAY’s technology can significantly reduce their fraud risk and earn rebates through the use of virtual cards, which are designated for a single use and specific dollar amount.

The two companies also partner with Sigma Analytics, a professional firm that specializes in accounts payable optimization and monetization through utilizing advanced analytics to audit suppliers and accounts payable to identify and recover lost profits due to overpayments and errors. Together, REPAY, Optima and Sigma Analytics offer a comprehensive digital solution for managing accounts payable that reduces risk, saves time and optimizes and monetizes AP payments.

“The accounts payable process is daunting for businesses across verticals,” said Darin Horrocks, EVP, Business Payments, REPAY. “Through our work with Optima, we’re enabling a full service back-office solution, adding automated payments to a system that already simplifies workflows and makes it easier for businesses to operate at their full capacity and grow for the future.”

“REPAY addresses a key requirement for our accounts payable customers looking to fully automate their payment processes” says Mahesh Yadav, CEO, Optima. “We are excited to partner with REPAY to provide our customers a market-leading, comprehensive payment processing solution. Customers enrolled in the program will have options to efficiently process payments by way of ACH, checks or virtual cards.”

About REPAY

REPAY provides integrated payment processing solutions to verticals that have specific transaction processing needs. REPAY’s proprietary, integrated payment technology platform reduces the complexity of electronic payments for clients, while enhancing the overall experience for consumers and businesses.

About Optima Global Solutions, Inc.

Optima Global Solutions, Inc. provides solutions, services and consulting that help progressive organizations automate their financial processes. This results in increased efficiency, lower operating costs, fewer processing errors, greater employee productivity, and improved reliability and accuracy for their stakeholders, customers, employees, vendors, and business partners.

Optima builds and optimizes Intelligent Automation Solutions that combine intelligent data capture with business process management best practices to streamline your business operations and increase your bottom line. The transcend portfolio includes accounts payable processing, vendor management, expense tracking, sales order processing, receipt processing and HR onboarding. For more information, visit https://www.optimags.com/.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230404005005/en/

Investor Relations Contact for REPAY:

ir@repay.com

Media Relations Contact for REPAY:

Kristen Hoyman

khoyman@repay.com

Media Relations Contact for Optima:

Art Sarno

asarno@optimags.com

Source: Repay Holdings Corporation

FAQ

What is the new partnership between REPAY and Optima about?

REPAY is integrating its payment solutions with Optima's accounts payable automation solution, transcendAP, enhancing payment processing and security.

How will the integration of REPAY's technology benefit clients?

Clients will experience streamlined vendor payments, reduced fraud risk, and potential rebates through the use of virtual cards.

Who else is involved in the integration of REPAY and Optima?

Sigma Analytics is also partnering with REPAY and Optima to optimize accounts payable processes.

What is the significance of using virtual cards in REPAY's integration?

Virtual cards help reduce fraud risk and allow for designated single-use payments, enhancing security.

What are the primary features of Optima's transcendAP solution?

transcendAP includes intelligent automation for invoice processing, role-based approval workflows, and real-time ERP integration.