Zip Adds Enterprise Capabilities to Procurement Orchestration Platform

businesswoman on phone

Zip has added new enterprise capabilities to its intake and procurement orchestration platform and intake-to-pay suite.

This new suite of capabilities called Zip Premier is designed to help businesses manage compliance, strengthen integrations with other tools and scale faster, the company said in a Wednesday (April 3) press release.

“Developed alongside our largest enterprise customers, our new capabilities streamline the entire spending process, delivering enterprise-grade performance with consumer-grade flexibility so our customers can drive compliance and scale with speed,” Rujul Zaparde, CEO and co-founder of Zip, said in the release.

Zip Premier features more granular permissions that help users enforce controls, comprehensive audit trails that help them stay audit-ready, and automated integration monitoring and real-time alerts that help them increase visibility and control, according to the release.

The new suite of enterprise capabilities also includes a catalog of more than 100 pre-designed purchasing workflow templates based on best practices from global enterprise customers, the release said. The Orchestration Library enables users to implement these procurement processes with a single click.

Zip is also introducing a new low-code Integration Platform that helps users build custom integrations with pre-built application programming interfaces (APIs), per the release. This solution helps businesses accelerate integration development, enable deeper integrations with Zip’s procurement orchestration platform, and reduce the resources needed to customize these integrations.

One enterprise that is using Zip’s enterprise procurement solution is Discover, according to the release.

“As a financial services company, there are a multitude of regulatory and policy requirements that all converge on our procurement process,” Jason Moore, senior director of procurement operations at Discover, said in the release. “Our goal was to unify disparate systems and governance teams onto a single efficient and user-friendly platform to reimagine what procurement could look like at Discover — and that’s why we turned to Zip.”

By automating procurement workflows that were previously manual, firms can enjoy downstream enhancements across their operational workflows and even rethink the staffing requirement needed for procurement and payment functions, Lu Cheng, co-founder and chief technology officer at Zip, told PYMNTS in an interview posted in October 2023.

“CFOs are excited about the labor savings and the ability to run their teams a lot more efficiently,” Cheng said.

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Corporate Delinquencies Reach Highest Rate Since 2017

business loans, delinquencies, banking

Corporate delinquencies are reportedly at the highest rate they’ve reached in eight years.

The delinquency rate for loans from U.S. banks to both U.S. and foreign companies rose to 1.3% at the end of 2024, a figure that was the highest since the first quarter of 2017 but well below the 5% seen during the 2008 financial crisis, the Financial Times (FT) reported Monday (Feb. 17), citing data from BankRegData.

The total amount of bank debt on which U.S. business borrowers were at least one month late reached $28 billion, up $2.2 billion from three months earlier and up $5.4 billion from a year earlier, according to the report.

The report attributed the rise to interest rates that remain high, surprising some observers who expected them to fall this year. A pickup in inflation in January and concerns about the impact of President Donald Trump’s proposed tariffs have delayed further interest rate cuts by the Federal Reserve, the report said.

Corporate bank loans tend to be variable rate, so the expected decline in interest rates would have given some relief to borrowers, the report said.

The data from BankRegData does not include loans from direct lenders and private credit funds, per the report.

It was reported in January that the growth in commercial bank loans was at the slowest it’s been since the wake of the 2008 financial crisis.

Commercial bank loans grew by around 2.7% in 2024, which was only somewhat faster than the 2.3% rise seen in 2023.

A number of bankers said they hoped to see loan growth later this year, citing optimism among clients and other indicators.

Bank of America said during a January earnings call that commercial loans were up 5% year over year in the fourth quarter and that loan and deposit growth in the current year should outpace last year’s.

J.P. Morgan Chase said during a January earnings call that there has been improvement in business sentiment and that balance sheets at small businesses are healthy.

Citi CEO Jane Fraser said during a January earnings call that in the United States, “growth is not only being driven by the higher-end consumer but also by a strong and innovative corporate sector.”