Following this announcement, the embedded payment solution is expected to enable finance teams to securely and efficiently approve and execute payments, all within one unified accounts payable platform.
The new product is expected to launch the premiere of Straight Through Payments, a capability that was developed to allow payment batches to be built and executed directly from Medius. This process will not need ERP file uploads or middleware, as payments are routed through customers' existing bank accounts and allows them to retain control over their cash while streamlining disbursement. In addition, the company is expected to continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
According to the official press release, Medius Payments was designed to build upon the existing Medius Pay solution, and it aims to support multiple payment methods across the United States, Europe and the rest of the world, including ACH, SEPA, BACS, CHAPS, BankGiro, wire, checks, and virtual cards. This process will be combined with multi-currency and international capabilities, giving finance departments a consistent and compliant way to pay any supplier. At the same time, approval rules, fraud detection, and audit trails are embedded directly into the system in order to reduce fraud exposure, improve visibility, and enable fast, policy-aligned payments without the need for additional software or manual processes.
The integration with the customer's ERP ensures a synchronised audit trail, which aims to support compliance and streamlining reconciliation processes. This overall visibility from the invoice will capture the final payment in order to allow finance teams to operate with optimised security and efficiency. Additionally, suppliers will have the possibility to benefit from faster payment processing and improved remittance information, which is set to optimise their ability to reconcile payments and manage cash flow. This launch represents a part of Medius' broader strategy to eliminate fragmentation in finance operations, as well as offer full visibility from invoice receipt to payment settlement.
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