Weavr Launches Innovative Embedded Payment Solution in Partnership with Paperchase
Weavr, a pioneering provider of embedded finance solutions in the UK, has recently announced a strategic partnership with Paperchase, a renowned leader in financial management services tailored for the hospitality industry. This collaboration aims to introduce the innovative Embedded Payment Run (EPR) solution, designed to address persistent inefficiencies in Accounts Payable (AP) processes, especially within fast-paced sectors like hospitality.
Transforming Accounts Payable with EPR
The traditional Accounts Payable systems often delay supplier payments by several days, creating bottlenecks that Weavr and Paperchase are determined to resolve. The EPR solution allows AP and cloud accounting platforms to facilitate payments directly within a single workflow, thereby enabling users to process payments without leaving their applications.
Key Features of Weavr’s Embedded Payment Run
- Near-Instant Transactions: By utilizing UK Faster Payments, EPR significantly reduces the time taken for transactions post-invoice approval.
- Minimized Errors: The integrated system reduces the risk of manual errors and fraud, streamlining the payment process.
- Developer Toolkit: EPR is delivered as a developer toolkit, making it simple for AP software providers like Paperchase to integrate payment capabilities.
- New Revenue Streams: The solution opens avenues for new revenue through services like payment cards and embedded lending.
Meeting Market Demand
Research conducted by Weavr among UK AP professionals indicates a strong demand for integrated workflows. The findings revealed:
- 94% of users would appreciate the ability to process payments within existing invoice platforms.
- 86% are willing to pay extra for this functionality.
The EPR solution was meticulously designed to cater to these market needs, allowing finance teams to save time and enhance operational efficiency.
Insights from Leadership
Bimal Desai, Project Manager at Paperchase, emphasized the importance of this partnership: “We explored multiple collaborations to cut rising costs and improve efficiency in the AP process. Weavr’s open banking solution is compliant with financial regulations, making our partnership an obvious choice. Their faster payment options not only save us time but also mitigate errors in AP and vendor payments.”
Alex Mifsud, CEO and Co-Founder of Weavr, stated, “The EPR solution is a game-changer for established SaaS products in the AP sector, including cloud accounting tools and dedicated AP management systems. It enables businesses to execute an embedded finance strategy seamlessly, addressing a long-standing gap in the B2B financial services landscape.”
The Embedded Payment Run is set to revolutionize workflows for partners like Paperchase, ultimately enhancing the efficiency of financial operations across various industries. To learn more about embedded finance solutions and their impact, visit Weavr’s official site or check out related articles on FF News.
