Following this announcement, the solution was designed to eliminate the difficulties of AP processes and boost efficiency, while EPR will allow AP and cloud account software to execute payments within a single workflow as well. This process is expected to take place without users needing to leave the application.
In addition, the partnership is expected to allow Paperchase to leverage Weavr's Open Banking solution and faster payment service in order to save time and prevent errors with AP and vendor transactions. Both firms will continue to focus on meeting the needs, preferences, and demands of customers in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
As traditional AP systems often delay supplier payments by up to three days after invoice approval, EPR aims to optimise this process by leveraging UK Faster Payments to enable near-instant transfers once payment is instructed. At the same time, by automating data handling and connecting every step - from invoice approval to payment execution - into a single, embedded workflow, EPR will focus on reducing manual work, errors, and the overall risk of fraud.
In addition, EPR gives AP software providers the needed features to support real payment execution within their own applications. For bulk payments, this includes onboarding business customers, managing approval flows, and initiating payments, a process that will take place entirely within a secure and efficient user experience. By removing the need for SaaS platforms like Paperchase to integrate with multiple third-party fintech providers, EPR will also streamline implementation while developing new revenue opportunities through features such as payment cards and embedded lending as well.
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