March 26, 2010
AirPlus International, the award winning travel payment provider, and Invapay Payment Solutions, a payment solutions specialist, have formed a partnership offering an innovative Purchase-to-Pay (P2P) product for both private and public sector organisations, called The AirPlus Invapay Settlement Solution. The new product will be available to AirPlus’ UK customers from the end of June, 2010.
The AirPlus Invapay Settlement Solution offers an innovative approach to merchant acquisition and supplier recruitment helping organisations settle large volume of ad-hoc and low-value purchases and purchases through one-time-only suppliers, which can account for 80% of an organisation's purchase-to-pay administrative costs.
Once the suppliers are registered with AirPlus Invapay Settlement Solution, buyers can carry out the entire purchasing process through the Invapay Portal – from requesting estimates and confirming orders through to payment. The settlement platform accepts all methods of payments on behalf of suppliers and automatically transfers funds to the supplier’s bank account within five days from invoice submission.
With full cost coding incorporated into the invoice data, including purchase order numbers, complete audit control is enabled throughout the process. The customers are offered greater transparency through the delivery of Level 3 line item detail, including VAT, for every transaction. In addition, the solution offers seamless automatic integration of invoice data into any ERP system.
Sid Vasili, CEO, Invapay Payment Solutions explained:
“The AirPlus Invapay Settlement Solution was developed
to help organisations manage the “long tail” of infrequent
and one-time-only supplier spend through a simple and cost effective way. It is particularly helpful to UK organisations in meeting the Government’s promise of paying SME suppliers
well within 10days. By partnering with AirPlus International,
we will able to offer more cost effective and innovative cash
flow and liquidity solutions for our clients and their suppliers”.
Yael Klein, Managing Director, AirPlus International (UK),
commented: "We are delighted to be introducing such an
innovative product to our customers. The AirPlus Invapay Settlement Solution will help simplify the way organisations
trade, by offering improved control and visibility of spend,
easy mechanism to drive purchase order compliance and
an opportunity to make maximum use of credit lines”.
“What is unique about this solution is the supplier coverage. We will be able to offer our customers 100% of supplier coverage, unlike competing Purchasing Card (P-Card) products that have to fall back on rebates to compensate for only 20% of supplier coverage. The solution, therefore, offers huge process and cost savings potential to the UK’s private and public sector”, added Klein.