Budgeting, Planning & Forecasting

Budgeting, Planning & Forecasting

August 29, 2011

Travelex Partners with Bean Services to Provide Streamlined End-to-End Payables Processing for Companies

Companies will now benefit from enhanced and improved end-to-end payables processing enabled through the partnership between Travelex Global Business Payments, Inc., a global foreign exchange and payments specialist and Bean Services, an award winning Software-as-a-Service (SaaS (News - Alert)) Accounts Payable Automation solution.  

In a release, Jarrod Levitan, CEO of Bean Services, said,“As we transition into the electronic paperless age of approval workflow it’s imperative that controllers and CFO’s are able to quickly access as much of the transaction details as possible before approving for payment. Combining Travelex’s world class payment solution with Beanbills’ visibility into the actual invoice image and workflow creates a powerful tool for any organization who wants to take advantage of all the cost efficiencies in that process.”

Increased automation of processes across all industry types is driving the migration to adopting processes that are less labor-intensive and are less paper-based. Businesses are keen on automating tasks involved in the processing and approval of invoices and are showing a preference for moving paper based B2B payments to electronically delivered payments.

Challenges in accounts payable involve entry of data manually, provisioning of invoices for approval, accounting for errors and exceptions in addition to overall payment costs. The new solution from Travelex and Bean Services will enable increased control and transparency in the processing, approval and payment of invoices.

Matthew Lewis, Director of Partnerships and Alliances of Travelex Global Business Payments said that “Travelex Global Business Payments is proud to partner with Bean Services. The pairing of Travelex’s leading global payment solutions with Beanbills Payables Automation Solution provides clear path to alleviate many of the challenges and costs faced by companies’ CFOs, Controllers and Accounts Payable professionals.”

For more than 3 decades, Travelex has built a reputation as a global expert in foreign exchange and global payments. The company has focused on supporting businesses on the payment and receipt of funds, both domestic and international. Furthermore, Travelex offers its customers with detailed and in-depth market information and supports development of cutting-edge technologies and innovative solutions which can provide clients with customized services.

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Calvin Azuri is a contributing editor for TMCnet. To read more of Calvin’s articles, please visit his columnist page.

Edited by Rich Steeves

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