Noventis, Inc. (Noventis) and HighRadius announced today an agreement to bring straight-through processing for virtual card payments to Noventis’ extensive supplier network. This marks the first commercial availability of HighRadius’ straight-through virtual card payment capabilities.
Leveraging the respective strengths and expertise of each FinTech, the relationship will eliminate barriers to payment and transaction automation frequently experienced by suppliers. The solution, powered by the radiusOneTM network provided by HighRadius, will automate both the processing of virtual card payments and the associated reconciliation to open invoices – all in a secure, enterprise-grade PCI-compliant environment.
“Suppliers are increasingly receiving virtual card payments from their buyers,” said Sayid Shabeer, Chief Product Officer at HighRadius. “Historically, this leaves suppliers with tedious, manual work for processing and reconciling these payments – not to mention the fact that it opens them up to higher risk and PCI compliance requirements with the card data exposure. Through this collaboration, we’re eliminating all the above for Noventis’ extensive and growing client base. For the first time, these suppliers will benefit from secure straight-through processing and reconciliation for virtual card payments.”
Through its vast payment platform and network, Noventis has been serving the unique needs of suppliers by replacing costly, inefficient paper checks with fast, secure virtual credit card payments delivered via the supplier’s preferred method, such as web, IVR, file delivery, email and phone. With this arrangement, Noventis and HighRadius are offering a superior method that further streamlines the secure acceptance, processing and reconciliation of these payments for the suppliers.
For more than a decade, HighRadius has brought innovative, cloud-based software solutions that automate B2B payment and receivable processing for some of the world’s largest brands. The collaboration marks huge growth for HighRadius’ radiusOne network of buyers and sellers by inclusion of the rapidly growing number of suppliers from Noventis.
“We’ve made significant strides in our mission to bring electronic payments and other automation to businesses, but there are still barriers that A/R experts like HighRadius can help Noventis address,” said Blair Jeffery, Noventis COO. “Their solution solves broader problems beyond just payment delivery, creating an elegant and efficient pathway to true straight through processing, which has not been addressed well, particularly for small businesses.”