Provides a simple and powerful 'last mile' solution as part
of a comprehensive business spend management strategy
LONDON, Nov. 7, 2018 /PRNewswire/ -- Coupa Software
(NASDAQ: COUP), a leader in business spend management (BSM), today
unveiled its vision for a business-to-business (B2B) payments
solution that aims to put an end to the complex, manual, and
inefficient payment processes that companies currently
use. Called Coupa Pay, this industry-first offering
spans a set of payment and financing solutions
that empowers businesses to spend smarter at every
transactional step of their business spend management strategy.
Research shows that nearly one-in-four companies originate
payments with eleven or more banks, and one-in-two companies
make at least half of their B2B payments
manually1. Add to that the fact that payment
times to suppliers around the world are getting longer, and it's
clear that companies are in need of a more agile, modern, and
efficient solution to manage payments.
"While we've seen innovation across many different payment
rails, buyers and suppliers are still left with fragmented
solutions that are inefficient, error-prone, and lack end-to-end
visibility and control across all business spend," said
Ravi Thakur, senior vice president
of Business Acceleration at Coupa. "Coupa Pay is a natural step
in our journey to help companies spend smarter. It inherently
offers a two-fold advantage. Our customers get value by extending
payments as part of their overall business spend management
strategy, and their suppliers get a more efficient and inclusive
experience throughout the process."
Coupa Virtual Cards for Purchase Order (PO)
The first payments solution from Coupa is Coupa Virtual Cards
for PO, which bring more visibility and control into business
spend. Finance departments often waste resources to reconcile
payments for low-value, high-volume transactions and onboard
suppliers to pay one-off transactions. To reduce the need for
manual processing, Coupa Virtual Cards for PO produce a unique,
one-time-use credit card number for authorized suppliers that
automatically reconciles credit card charges and statements to the
PO. Coupa Virtual Cards for PO streamline the payment
reconciliation process and make these low-value, high-volume
payments both more efficient and secure for buyers and
suppliers.
Coupa Virtual Cards for PO is the first of a number of different
payment solutions that Coupa expects to roll out in the
future.
Coupa Supply Chain Finance
The Coupa Supply Chain Finance (SCF) solution provides
suppliers with access to third-party payment financing within
Coupa, making it simpler for suppliers to get better rates and
giving buyers additional flexibility to extend their payment
terms. To get paid faster, suppliers today use multiple
financing solutions that require multiple integrations, which are a
hassle for both companies and their suppliers. Coupa SCF brings
businesses, their suppliers, and financial institutions together on
the Coupa BSM Platform to reduce complexity, offer a unified user
experience, and consolidate reporting, while optimizing working
capital and financing decisions.
Coupa SCF comes on the heels of Coupa Accelerate, which provides
early payment discount solutions to buyers that want to pay
suppliers early and receive greater returns on their cash
investment. Coupa Accelerate leverages the Coupa BSM Platform to
bring discount terms directly into the PO to optimize working
capital.
"Coupa has defined what it means to deliver a comprehensive
business spend management platform," said Mickey North Rizza, program vice president at
IDC. The company's unified, market-leading approach to
Source-to-Pay uniquely enables them to deliver payments and
financing seamlessly tied to every transaction. The launch of
Coupa Pay brings efficiency and more value to B2B payments and
financing. This will help companies and suppliers transact more
efficiently, manage cash more effectively, and maintain full
visibility and control over payments."
"We're excited about the vision that Coupa has set for Coupa
Pay, said JR Miller, senior vice president finance and
controller at Leukemia and Lymphoma Society. "We already have
greater tracking, compliance, and management of our spend with
Coupa's current solution, and the ability to extend that same level
of visibility and control into payments and financing puts us in an
even greater position to focus on helping save the lives of the
millions of people affected by blood cancer."
To learn more about Coupa Pay, click here. To read more about
how Coupa can help your company achieve greater visibility into its
business spend, visit https://www.coupa.com/.
About Coupa Software
Coupa Software (NASDAQ:COUP) is the leading provider of BSM
solutions. We offer a comprehensive, cloud-based BSM platform that
has connected hundreds of organizations with more than four million
suppliers globally. Our platform provides greater visibility into
and control over how companies spend money. Using our platform,
businesses are able to achieve real, measurable value and savings
that drive their profitability. Learn more at www.coupa.com. Read
more on the Coupa Blog or follow @Coupa on Twitter.
1 2017 B2B Payments + WCM Strategies Survey
Report