Conferma Pay will now have an expanded role in the SAP Concur partnership, which will include providing virtual payment technology across all SAP travel and expense products, according to a press release emailed to PYMNTS.
The new Conferma Pay with Concur integration means businesses using SAP Concur solutions will be able to access better tools for making and managing payments, the release stated.
The integration will help solve the problem of onboarding new suppliers when companies don’t have the right tools to help control payments made by colleagues working from home. Now, companies will be able to let businesses pay using virtual cards as opposed to legacy checks or bank transfers, according to the release.
As businesses receive invoices from suppliers, the release stated, the technology lets companies avoid the usual rigorous payment approval process. Virtual cards are generated from the invoice for the specific amount within Concur Invoice. Pre-authorized payment details are provided safely for processing by suppliers. Then the virtual payment is automatically reconciled against the invoice, which will help to reduce manual work.
“Building on our successful SAP Concur partnership for virtual payments in travel, expanding to also bring this capability to broader B2B payments across the full SAP Concur product suite is an important milestone,” Conferma Pay Director Strategic Relationships Paul Raymond said in the release. “Businesses using SAP Concur solutions can now use virtual cards to pay in a much wider range of scenarios, which increases automation, reduces fraud risk and helps to better control spend.”
Virtual B2B payments are an extension of the innovations surrounding general digital pay, which can help to alleviate pain points like high costs and slow processing with traditional legacy approaches.
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