CPO Rising’s Technology Round-Up Series returns today with fresh supply management technology news and updates covering a few recent major announcements. If you are a sourcing, procurement, or spend management solution provider and you are continually innovating the way that procurement and supply chain leaders and practitioners drive value, we’d love to hear from you. Please drop us a note at info at cporising dot com. Thanks, and enjoy!
Coupa and Goldman Sachs Transaction Banking Launch A Seamless Business Payments Solution
LAS VEGAS — Coupa, a global leader in business spend management (BSM), and Goldman Sachs Transaction Banking (TxB), a modern, digital-first, cloud-based bank provider, announced a joint initiative to simplify payment processes between businesses and their global supply chains.
The companies state that making payments between businesses is fraught with operational challenges that are costly, onerous, and inefficient. Through this collaboration, Goldman Sachs TxB and Coupa enable customers to easily make payments, including domestic, cross-border, and foreign exchange (FX) payments to 124 currencies, across 167 countries.
The business payments solution from Goldman Sachs TxB and Coupa offers:
- Fast Integration: API-led integration leading to a real-time and rich transparency of data exchange.
- Quick & Convenient Payments: with the ability to make payments within the Coupa experience allowing for streamlined processes.
- Enhanced Cross-Border Payments: offering SWIFT GPI to track payments from end to end and increase efficiencies throughout the payment process.
According to Raja Hammoud, executive vice president of products at Coupa, “Optimizing cost while reducing risk is core to delivering maximum value to Coupa customers. Our collaboration exemplifies Coupa’s focus on innovation and driving success for our customers,” Hammoud said.
“Enhancing the Coupa platform with Goldman Sachs TxB capabilities will further streamline and centralize payments for customers and their suppliers around the globe. We are excited to transform the world of business payments from complex and slow to simple and fast.”
Read the full announcement here.
Aravo Announces Strategic Alignment Framework™ for Third-Party Risk Management
SAN FRANCISCO — Aravo, a leading provider of third-party risk and resilience solutions, announced its Strategic Alignment Framework™, a methodology built from proven best practices that helps empower procurement, supply chain, sustainability, compliance, IT, and other internal teams to ensure they develop, implement, and measure their third-party risk management (TPRM) program.
The company states that a TPRM program is a journey that goes through various maturity levels as organizations continue to work with their extended enterprise to uncover hidden risks and avoid liabilities. Increasingly, enterprises are being held responsible and liable for unethical or unsustainable business practices of their third parties including anti-bribery and corruption, data privacy, cyber security, and ESG.
According to Dean Alms, chief product officer at Aravo, “Aravo believes in a ‘think big, start small, grow fast’ approach to managing third-party risk. We understand organizations are at different stages in their TPRM program,” Alms said.
“Aravo has incorporated 22 years of industry best practices into the Strategic Alignment Framework to help our customers align their internal teams with their third parties and provide recommendations to achieve their business objectives.”
Read the full announcement here.
Resilinc Launches Spend Analytics Solution
MILPITAS, Calif. — Resilinc Corporation, a world-leading supply chain monitoring, mapping, and resiliency solution, announced the launch of its Spend Analytics solution.
The company states that the spend management tool associates an organization’s spend to a specific supplier, category, or part. The data, which is available alongside other supplier risk insights within the Resilinc platform, provides companies full visibility into both direct and indirect supplier spend across the organization, as well as the unique ability to query deeper analytics.
Armed with this information and coupled with an extensive set of quantified supplier risks, practitioners can make strategic, data-backed decisions when it comes to mitigating supply chain risk, negotiating terms, or engaging with suppliers.
According to Sumit Vakil, chief product officer for Resilinc, “Supplier spend is a critical metric when it comes to a supply chain risk and resiliency program, and we’re pleased to be able to incorporate these insights as part of Resilinc’s customer platform,” Vakil said.
“Having the ability to look at spend for a supplier alongside other risk data including ESG compliance, natural disaster preparedness, and business continuity, enables practitioners to make informed decisions into how to best mitigate risk, including shifting sourcing or increased collaboration with that supplier,” he added.
Read the full announcement here.
CoreChain Launches D2C Payments Automation Solution
NEW HAVEN, Conn. — CoreChain Technologies, the first embedded B2B payments network built on distributed ledger technology, announced the launch of its direct-to-customer payments automation product, CoreChain Pay™. The secure, digital, and cloud-based system allows companies to eliminate paper checks, reduce fraud risk, simplify vendor payments, and increase profits, while also gaining access to working capital solutions for companies and their suppliers.
The company states that CoreChain Pay makes it easy to manage vendor payments processing using virtual payment cards, ACH, and other digital methods. By helping companies transition away from inefficient legacy “paper check” based solutions to a modern digital payments tech stack, CoreChain is simplifying business procedures, eliminating expenses, and enhancing security. The platform mitigates the risk of payments fraud by providing a tamper-proof record for every buyer-supplier transaction, and an immutable source of truth for transactions with perfect visibility to both parties.
According to Chris Aguas, co-founder and CEO of CoreChain, “CoreChain Pay eliminates many of the challenges that have long plagued finance and AP managers. Managing payables is time-consuming, and paper checks are messy and fraught with fraud and inefficiencies.
“Enter CoreChain Pay, which offers a single, simple automated payments solution that uses your existing accounting system to pay your vendors digitally and earn an incentive at the same time. Transition your AP team from a cost center to a profit center,” explained Aguas.
Read the full announcement here.
REPAY to Power Accounts Payable Payments for Optima Global Solutions
ATLANTA — Repay Holdings Corporation, a leading provider of vertically-integrated payment solutions, 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.
The company stated that transcendAP, built on Kofax TotalAgility®, a 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.
According to Darin Horrocks, EVP of business payments for REPAY, “The accounts payable process is daunting for businesses across verticals,” he said.
“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.”
Read the full announcement here.
