PrimeRevenue Rolls Out B2B Payments Offering
Working capital FinTech PrimeRevenue, Inc. on Tuesday (Oct. 19) announced the debut of the PrimeRevenue SurePay platform to simplify B2B payment services and allow for early and on-time payments across the entire supply chain.
The SurePay platform “ensures every supplier gets paid on time, every time by simplifying the B2B payments ecosystem,” according to the company announcement.
SurePay customers can use one payments tool to pay and get paid by their supplier base to streamline accounts payable and accounts receivable processes.
“The PrimeRevenue SurePay platform automates the AP/AR payment process, so once approved invoices hit our system, the platform handles the rest,” said Gavin Cicchinelli, COO of PrimeRevenue, in the company announcement.
“Suppliers can confidently manage their cash flow with an intuitive platform that provides comprehensive reporting, transparency into invoice approval status, visibility into upcoming payments, automated remittance advice reporting, and so much more,” he said.
PrimeRevenue CEO PJ Bain sees SurePay and the company’s work in B2B payments as “a natural evolution for PrimeRevenue.”
“That means developing innovative solutions that serve the entire supply chain — regardless of industry, jurisdiction, currency, or early payment offering,” he said.
Related: Working Capital FinTech PrimeRevenue Boosts Receivables Finance Tools
In August, PrimeRevenue announced plans to enhance its receivables finance solutions with more programs for receivables.
PrimeRevenue’s solution “enhances the transparency of invoices,” which in turn “reduces operational hassle for both banks funding selective receivables finance programs as well as their clients,” said PrimeRevenue EVP Global Head of Funding Dominic Capolongo.
This latest feature aims to negate industry problems like human error regarding compliance, inconsistent payment terms, time-consuming reconciliation processes and more, according to the PrimeView announcement.
The new capability offers complete transparency when combined with PrimeRevenue’s flexible reporting that is available within its receivables platform, according to the press release.
PrimeRevenue has pilot tested this solution with existing partner banks and is expected to offer it to all partner banks using the selective receivables product.