Coupa Software, which makes a cloud-based set of tools that enables users to manage enterprise spending, on Nov. 7 introduced a new intelligent platform that enables businesses to make better decisions at each transactional step of their business spending-management strategy.
Coupa Pay is comprised of a set of payment and financing solutions that can handle transactions with multiple banks automatically according to pre-established enterprise policies.
Research has indicated that nearly one-in-four companies originate payments with 11 or more banks and half of them make half of their B2B payments manually. Add to that the trend that payment times to suppliers around the world are getting longer, Coupa said it believes companies clearly are in need of a more agile, modern, and efficient solution to manage payments.
Key components of Coupa Pay include:
Coupa Virtual Cards for Purchase Order: The first payments solution from Coupa is Coupa Virtual Cards for PO, which bring more visibility and control into business spending. Finance departments often waste resources to reconcile payments for low-value, high-volume transactions and onboard suppliers to pay one-off transactions. To reduce the need for manual processing, Coupa Virtual Cards for PO produce a unique, one-time-use credit card number for authorized suppliers that automatically reconciles credit card charges and statements to the PO.
Coupa Virtual Cards for PO aim to streamline the payment reconciliation process and make these low-value, high-volume payments both more efficient and secure for buyers and suppliers.
Coupa Virtual Cards for PO is the first of a number of different payment solutions that Coupa expects to roll out in the future.
Coupa Supply Chain Finance: The Coupa Supply Chain Finance solution provides suppliers with access to third-party payment financing within Coupa, making it simpler for suppliers to get better rates and giving buyers additional flexibility to extend their payment terms. To get paid faster, suppliers today use multiple financing solutions that require multiple integrations, which are a hassle for both companies and their suppliers. Coupa said that SCF brings businesses, their suppliers and financial institutions together on the Coupa BSM Platform to reduce complexity, offer a unified user experience and consolidate reporting while optimizing working capital and financing decisions.
Coupa SCF comes on the heels of Coupa Accelerate, which provides early payment discount solutions to buyers that want to pay suppliers early and receive greater returns on their cash investment. Coupa Accelerate uses the Coupa BSM Platform to bring discount terms directly into the PO to optimize working capital.
For more detailed information about Coupa Pay, go here.