Today In B2B: AvidXchange Acquires Core; Foundation Software Mobilizes Invoicing
Today in B2B payments, AvidXchange expands its accounts payable footprint through its takeover of Core Associates, and Foundation Software mobilizes invoicing for service technicians. Plus, U.K. shipping grows more costly, RAKBANK renews its small business financing collaboration, and Procede Software partners up for trucking solutions.
Accounts payable (AP) and payments firm AvidXchange has acquired AP software solutions platform Core Associates, to advance payments automation in the construction industry and mid-market businesses. “We’ve spent more than a decade committed to helping our customers simplify the way they process invoices and payments,” Core Associates Founder and CEO Frank Grenci said in a press release on Monday (Jan. 4).
Construction accounting technology developer Foundation Software, LLC has introduced a mobile billing function just for its Service Dispatch mobile program, according to a Monday (Jan. 4) announcement. The functionality, which is called SD Mobile Billings, is meant to assist technicians in creating and handling invoices more efficiently by taking in clients’ payment data straight from their mobile devices. Moreover, the new functionality lets both parties view and sign invoices right away.
The cost of moving freight from France to the U.K. quadrupled last week due to the effects of Brexit as well as the more contagious new strain of COVID-19, a report from Bloomberg says. In the last week of 2020, the spot rate for last-minute shipments crossing the English Channel hit over 6 euros per kilometer ($4.56 a mile) for a full truckload, up from an average of 1.50 euros to 3 euros, the report says.
The National Bank of Ras Al Khaimah (RAKBANK) has renewed its collaboration with Dubai-based FinTech Invoice Bazaar, according to a Monday (Jan. 4) announcement emailed to PYMNTS. The renewed collaboration follows the bank’s plan of making an efficient ecosystem and environment for small and medium-sized enterprises (SMEs) by providing online merchants with differentiated financial offerings. RAKBANK Managing Director of Business Banking Dhiraj Kunwar said the financial institution has always looked to offer all-encompassing banking offerings to business clients of different sizes.
Procede Software has partnered with Interstate Billing Service (IBS), which works as a full-service accounts receivable management program provider, to help with cash flow and billing solutions for the trucking industry, a company blog post says. The partnership consists of an integration with Procede’s Excede Dealer Management System (DMS), which helps dealerships access a real-time credit accounts receivable pre-authorization directly from the Excede program. Customers will benefit from this integration from better, more streamlined exchange of invoice batch files, along with payment clearing and automating credit approvals.