Solutionimproves working capital and unifies supplier payment processes in 170countries and 140 currencies
SAN MATEO, CA – May 16, 2017 – Coupa Software (NASDAQ:COUP), aleader in cloud-based spend management, will launch Coupa Payments today tostreamline the disparate and complex cross-border payment systems often used bybuyers to transact with suppliers globally.
Coupa Paymentswill help unify those systems by digitizing supplier payments and automatingrelated payment processes with a cloud e-payables solution where nearly any supplier- regardless of size or location – is paid electronically and securely. Electronically-renderedpayments enable suppliers to receive funds faster while customers enjoy adiscounted payment amount. Moreover, customers benefit from Coupa Payments throughreduced Accounts Payable costs, increased efficiency, and stronger supplierrelationships.
“Before westarted using Coupa Payments with Nvoicepay, only 30 percent of our paymentswere automated. Now almost 100 percent of our payments are automated,”said Brad Goodson, CFO at Kauffman Tire.”This has freed up resources within the corporate office to spend moretime helping our retail and wholesale locations better serve our customers asopposed to wasting time on administrative tasks and paper shuffling.”
The rise ofglobalization has created the need for cross-border payments which has led to anincrease in both the complexity of supplier payments and the efforts ofaccounts payables teams. Coupa Payments helps solve these challenges bydigitizing the payment processes in 170 countries representing 140 differentcurrencies. The solution standardizes the process with the same paymentsworkflow to provide visibility across the entire payment lifecycle.
“Last year, wewere proud to be a CoupaLink launch partner. Since the launch, Coupa customersused our app to increase AP efficiency, pay suppliers digitally, and reducecosts,” said Karla Friede, CEO of Nvoicepay. “Strengthening our partnership tomore tightly unify the data process and improve the customer experience was thelogical next step.”
The CoupaPayments solution leverages a CoupaLinkapp from Nvoicepay to pay supplier invoices, domestically and internationally,through the same unified process flow. Coupa Invoicing provides invoiceconfirmation to pay information to Coupa Payments. Once payment is made, CoupaPayments sends back information that the invoice was paid. The Coupa OpenBusiness Network notifies the supplier via SMS text, email, and/or the supplierportal. The supplier determines which notification option(s) work best for themand they get them all with no supplier network fees.
“Coupa Paymentshelp customers optimize their working capital by automating their globalpayment processes” said Donna Wilczek, vice president of strategy and productmarketing at Coupa. “Payment automation completes the final mile of the Procureto Pay process and allows us to now offer a fully automated Procure to Paid solution.”
Born in thecloud, Coupa delivers a modern spend management platform that acceleratesbusiness by unifying processes across all the ways employees spend money. Theseprocesses cover travel and expense management, procurement, invoicing andrelated source-to-settle areas. Using the Coupa Open Business Network, theplatform has connected more than 2 million suppliers and delivers a powerfulsolution for businesses committed to controlling their spend.