Electronic invoicing (eInvoicing) platform Cortex Business Solutions is now linking its corporate users to supply chain finance.
In an announcement on Thursday (Sept. 14), Cortex said it is partnering with APVelocity, which can integrate its supply chain finance offering into the Cortex platform, an initiative intended to aid B2B cash flow management, the firms said.
Cortex provides an eInvoice platform for both buyers and suppliers to connect and transact. According to their news release, the companies are providing a joint B2B solution that enables suppliers to access ePayments, payment processing and early payment solutions on the Cortex platform using APVelocity technology.
“When looking for partners, we look for companies that mirror the Cortex approach to business, which is to provide customers on the network with the most innovative, simple solutions that help them improve their business,” said Cortex VP, Strategic Partnerships, Elena Dumitrascu in a statement. “APVelocity’s method of doing business aligns with ours at a core level; from their onboarding expertise, ability to reduce days sales outstanding for suppliers, increase days payable outstanding for buyers and improve communication methods to reduce disputes and improve the relationship between buyers and suppliers. APVelocity is an incredible addition to the value … Cortex Network brings.”
“At APVelocity, we believe in delivering customized supply chain financing solutions so that we can rapidly meet the working capital goals of both buyers and suppliers in ways that strengthen the entire supply chain,” added APVelocity President Santosh Kalkar in another statement. “Our goals align with Cortex when it comes to providing innovative and simple solutions to Cortex customers that save time and resources by automating the invoicing and billing process.”
“One of our greatest strengths is ensuring a smooth onboarding process for our customers’ suppliers,” Kalkar added. “For existing Cortex users, we anticipate a seamless integration delivering immediate supply chain financing, as the bulk of onboarding has been completed.”