Straight-through processing (STP), the method of removing barriers and increasing speed when processing transactions, is a practice growing in prominence and necessity. By streamlining the processing of transactions across multiple points and eliminating the need for manual intervention, STP is designed to speed financial transactions, thereby eliminating costly delays and simplifying the order-to-cash process. For many organizations, this capability becomes more of a reality with the announced collaboration between HighRadius, the fintech enterprise Software-as-a-Service company specializing in integrated receivables, and Noventis, a leader in payment processing.
Through this partnership, HighRadius offers commercial availability of their straight-through processing virtual card capabilities to Noventis’ extensive supplier network.
Powered by HighRadius’ radiusOneTM network, the solution will automate both the processing of virtual card payments and the associated reconciliation to open invoices in a secure, enterprise-grade PCI-compliant environment.
Says Sayid Shabeer, Chief Product Officer, HighRadius, “Suppliers are increasingly receiving virtual card payments from their buyers. Through this collaboration, we’re eliminating [tedious, manual work for processing and reconciling payments] for Noventis’ extensive and growing client base. For the first time, these suppliers will benefit from secure straight-through processing and reconciliation for virtual card payments.”
The collaboration marks huge growth for HighRadius’ radiusOne network of buyers and sellers by inclusion of the rapidly growing number of suppliers from Noventis.
“We’ve made significant strides in our mission to bring electronic payments and other automation to businesses, but there are still barriers that A/R experts like HighRadius can help Noventis address,” said Blair Jeffrey, Chief Operating Officer, Noventis. “Their solution solves broader problems beyond just payment delivery, creating an elegant and efficient pathway to true straight through processing, which has not been addressed well, particularly for small businesses.”