Fremont, CA: The evolution of technology within the corporate world is firmly anchored in the future of AP. Whether modernization has accelerated or AP tactics have received more attention, the new year presents several opportunities for AP departments. The accounts receivable and payment departments are the backbones of every company's expansion. Professionals can't push any firm toward success in this volatile environment if their AR and AP aren't on track.
Medius, a leading supplier of accounts payable (AP) automation solutions, has acquired OnPay Solutions, an invoice payments vendor, for an undisclosed price. The agreement will allow Medius to integrate payment processing – the 'final mile' of AP automation – directly into its source-to-pay solution, improving productivity and bolstering clients' anomaly, fraud, and risk detection features.
OnPay Solutions, assists businesses in streamlining AP operations and lowering expenses by automating invoice payments. More than 400 clients, ranging from mid-sized companies to most of the major companies in the United States, use the company's 'no touch' virtual card, ACH, check, and wire payments.
The acquisition strengthens Medius' ability to automate payment processing via its platform and existing third-party payment associates like Nomentia, Transfermate, and Corpay by combining OnPay Solutions' technology network of 360,000 vendors and 40 different banking integrations with its source-to-pay suite. It will provide clients with greater operational efficiency by simplifying and optimizing the payments workflow and enhancing anomaly, fraud, and risk detection with real end-to-end insight into the invoicing process.
"Payment processing is the last mile in AP automation," comments Jim Lucier, CEO of Medius. "Enhancing our end-to-end solution that automates the process of receiving, handling, approving and paying an invoice, as well as onboarding and managing vendors, requires best in class technology and deep domain expertise at each stage of the journey. The team at OnPay Solutions brings both and we are delighted to welcome them to the Medius family."
The acquisition of OnPay Solutions' 35 permanent employees strengthens Medius's foothold in the domestic US market. To support this expansion, CEO Jim Lucier intends to create the company's first US-based office in OnPay Solutions' hometown of Jacksonville, Florida, in the second half of 2022.
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