Cloud-based payments service provider Spendvision is preparing to launch its Payables Solution into the Australian market, with the company teaming up with US client SunTrust to showcase the service at the Shared Services and Outsourcing Week in Melbourne next week.
"We've been providing Payables Solutions to the US since 2009 and have Payables customers in the US, the UK, and New Zealand," said Colin Keating, Spendvision's head for Asia Pacific.
Spendvision's Payables Solution is a supplier-specific credit card that maintains a zero balance except when an approved transaction needs to take place. The credit cards are managed by a bank, which validates and approves the necessary funds, then pushes funds to a card so the supplier can take payment immediately.
Suppliers are able to draw funds from the card once an approved invoice has been uploaded and the funds have been made available. The card limit is then set back to zero, allowing buyers to reduce overall liability and exposure.
The latest offering builds upon the UK-headquartered company's cloud-based payments platform, and integrates with its customers' existing enterprise resources planning systems, allowing them to also retain their existing payments processes.
The introduction of Spendvision's latest cloud payments offering comes as online accounting software company, MYOB, partners up with Australian cloud-based point-of-sale (POS) startup, Kounta, in a bid to create an integrated online accounting and POS service for customers.
According to MYOB, the partnership is expected to result in the launch of a new integrated online solution for MYOB customers later this year. The solution will integrate with MYOB's cloud accounting solutions MYOB Essentials and MYOB AccountRight.
The partnership deal sees MYOB invest enough capital for a minority stake in Kounta. However, both companies have been tight-lipped about the value of the deal. Kounta already partners and integrates with PayPal, Tyro, and Collect Rewards.
For Nick Cloete, founder and CEO of Kounta, the deal with MYOB is a validating experience for the local startup.
"Over the past few years, Kounta has worked hard to re-imagine the way all different types and sizes of stores manage both online and offline transactions and it's great to see such established and innovative companies like MYOB validating, investing in and supporting this new approach," said Cloete.
Last month, MYOB moved to boost its cloud offering, announcing it had purchased online document collaboration startup, Dovetail, in a bid to enable more of its customers to move online and into the cloud.