Coupa Software (NASDAQ:COUP), a leader in cloud-based spend management, will launch Coupa Payments today to streamline the disparate and complex cross-border payment systems often used by buyers to transact with suppliers globally.
Coupa Payments will help unify those systems by digitising supplier payments and automating related payment processes with a cloud e-payables solution where nearly any supplier - regardless of size or location - is paid electronically and securely. Electronically-rendered payments enable suppliers to receive funds faster while customers enjoy a discounted payment amount. Moreover, customers benefit from Coupa Payments through reduced Accounts Payable costs, increased efficiency, and stronger supplier relationships.
“Before we started using Coupa Payments with Nvoicepay, only 30 percent of our payments were 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 more time helping our retail and wholesale locations better serve our customers as opposed to wasting time on administrative tasks and paper shuffling."
The rise of globalisation has created the need for cross-border payments which has led to an increase in both the complexity of supplier payments and the efforts of accounts payables teams. Coupa Payments helps solve these challenges by digitising the payment processes in 170 countries representing 140 different currencies. The solution standardises the process with the same payments workflow to provide visibility across the entire payment lifecycle.
“Last year, we were proud to be a CoupaLink launch partner. Since the launch, Coupa customers used our app to increase AP efficiency, pay suppliers digitally, and reduce costs,” said Karla Friede, CEO of Nvoicepay. “Strengthening our partnership to more tightly unify the data process and improve the customer experience was the logical next step.”
The Coupa Payments solution leverages a CoupaLink app from Nvoicepay to pay supplier invoices, domestically and internationally, through the same unified process flow. Coupa Invoicing provides invoice confirmation to pay information to Coupa Payments. Once payment is made, Coupa Payments sends back information that the invoice was paid. The Coupa Open Business Network notifies the supplier via SMS text, email, and/or the supplier portal. The supplier determines which notification option(s) work best for them and they get them all with no supplier network fees.
“Coupa Payments help customers optimise their working capital by automating their global payment processes” said Donna Wilczek, vice president of strategy and product marketing at Coupa. “Payment automation completes the final mile of the Procure to Pay process and allows us to now offer a fully automated Procure to Paid solution.”
Born in the cloud, Coupa delivers a modern spend management platform that accelerates business by unifying processes across all the ways employees spend money. These processes cover travel and expense management, procurement, invoicing and related source-to-settle areas. Using the Coupa Open Business Network, the platform has connected more than 2 million suppliers and delivers a powerful solution for businesses committed to controlling their spend.