PRESS RELEASE – Long Beach, Calif. ACOM Solutions, a leading FinTech solutions provider of B2B electronic payment solutions today announced that it has expanded its ACOMPAY cloud-based platform into Canada, further deepening its global payments coverage.
“ Payment processing has advanced quickly on the consumer level throughout Canada, however, in the business-to-business space AP departments still struggle with manually-based, labor-intensive payment processing,” said Patrick McMahon, ACOM’s President and CEO. “Our intelligent platform provides a unique infrastructure natively supporting Canadian ACH, EFT, virtual card and even checks payments to suppliers across the country. We are excited to expand ACOMPAY technology to now help Canadian organizations modernize and transform their entire AP payments lifecycle with a single and secure platform for every way that they pay,” he added.
Canadian B2B payments for checks and EFT account for greater than 50% of all domestic payments volume, with cash, pre-paid, debit and card payments making up the remainder, according to Payments Canada 2017 Payments Methods and Trends report. Whether via check, wire or bank-to-bank transfer, payments are almost entirely manual, over-burdening organizations with high processing costs, payment delays and minimum visibility into cash optimization and management.
ACOM’s expansion into Canada represents a significant next step in the company’s acceleration, further expanding its support of global supplier payments. The expansion of ACOMPAY gives Canadian and US organizations utilizing Canadian bank accounts real options to modernize supplier payment processing using cloud-based technology to automate manual operations, reduce administrative costs, improve productivity – all while providing financial managers higher visibility and control of cash management.
About ACOM Solutions
A leading FinTech provider of B2B corporate and public sector payment solutions, ACOM has been transforming the way companies pay their suppliers since 1983. More than 4,500 midsize companies spanning multiple industries have used ACOM’s solutions to automate their accounts payables, mitigate financial fraud, and gain greater visibility and control of an organization’s cash spend. ACOM customers process over 32 million payment transactions per year representing $112 Billion in Accounts Payable spend. Learn more at acom.com.