Invapay Enhances International Payments with Earthport’s Cross-Border Payment Service
London, UK, 5th September, 2012 - Earthport, the cross-border payments service provider, and Invapay, a payment aggregator and trading platform, today announced they have selected Earthport to deliver a fully automated cross-border international payments service. Under this agreement, Invapay will leverage Earthport’s payment platform to provide an end-to-end solution that enables a ‘one-stop shop’ for international supplier payments offering greater efficiencies and cost savings.
Invapay is a regulated provider of procurement and electronic payment services connecting corporate buyers and vendors worldwide. To address the needs of corporate clients with international supplier payment requirements, Invapay needed a service provider to help settle cross-border payments without having to develop individual relationships with overseas banks. Earthport offered the capability and global reach to fully automate cross-border payments at a fraction of the cost of traditional methods.
“Integrating Earthport will automate Invapay’s solution for international payments for the whole of the international supply chain, from big wholesale suppliers to the smallest one-time-only vendors. One-time-only vendors can account for 80% of an organisation's purchase-to-pay administrative costs. This service will eliminate the need for manual payment processing and reconciliation for international payments, allowing us to reduce the cost for payment settlement,” said Sid Vasili, CEO and Founder of Invapay.
With Earthport’s international reach and payment automation capabilities Invapay can now provide an end-to-end automated procure-and-pay solution which includes international payments and provides better efficiencies around accounts payable, including e-invoicing and payments settlement for their corporate customers.
“We are proud to partner with Invapay and support the development of a superior global procure-and-pay solution that fully automates and integrates the payment process into the procurement chain,” said Paul Thomas, Executive Director at Earthport.
“Our payment processing model compliments Invapay’s service to enable international suppliers to benefit from a highly reliable payment solution that reduces administrative and transaction costs, while delivering a faster payment settlement service,” he added.
Founded in 2008, Invapay is a FSA regulated business which specialises in innovative procurement and electronic payment solutions. Global corporations use the Invapay platform to manage purchases from tail end and one-time-only vendors from source to settle.
The cloud-based trading and payment platform is multi-language, multi-currency, multi-tax and VAT/Tax compliant, connecting corporate buyers and vendors worldwide. Invapay’s unique payment engines have been specifically designed to optimise commerce by driving liquidity and cash flow into supply chain communities.
Enhancing SME/SMB payment efficiency and early settlement leads to optimised cash flow for the business which helps growth and investment strategies. Invapay and its partner support the UK government in meeting their policy objectives of SME inclusion to drive economic growth.
Earthport plc, a regulated global financial services organisation, specialises in the provision of a white label cross-border payments service.
Through its innovative payments framework, specifically designed for high volumes of low value cross-border payments, Earthport provides a cost-effective and transparent service for secure international payments. Earthport’s clients include banks, foreign exchange businesses, money transfer organisations, payment aggregators and e-commerce businesses. Through Earthport’s well established payments infrastructure, clients can clear and settle payments directly to banked beneficiaries in over 50 countries.
The company is headquartered in London and is listed on the Alternative Investment Market (AIM) on the London Stock Exchange. It operates globally with additional regional offices in Dubai and New York. Earthport plc is authorised and regulated by the Financial Services Authority under the Payment Service Regulations 2009 for the provision of payment services. To learn more, please visit www.earthport.com and follow us on Twitter @Earthport.
onechocolate communications for Earthport
Tel: +44 (0)20 7437 0227