CTS Systems has integrated Corcentric's managed accounts receivable (AR) services into its travel booking platform.
With this integration, CTS Systems' platform will provide corporate travel agencies and hotels with a single-source solution for integrated, digital, and secure invoice processing, the companies said in a press release Wednesday (May 8). stated in a release.
“By partnering with Corcentric, we are able to leverage our existing platform to significantly improve the flow and speed of payments to hotels and commissions to reservation agents,” said Founder and President of CTS Systems. said Carl Roberts in a release.
According to the release, Corcentric's managed AR solution helps customers eliminate bad debts, payment risks, and high day sales balances (DSOs).
The solution includes support from subject matter experts, financial services, and software with each release.
The service, which is integrated with CTS Systems' platform, will make the travel booking process “convenient, easy and fast” for corporate travel and reservations customers, said Corcentric President and CEO. said Matt Clark in a release.
“CTS has a long history of solving just such pain points, and we are excited about this latest venture to bring our managed AR to CTS’ platform to ease the burden on our clients’ invoicing and payment processes. I am honored to be working with CTS on this project,” said Ms. Clark.
PYMNTS Intelligence enables specialized software and automation to serve as an engine that increases the efficiency, speed, and accuracy of AR and accounts payable (AP) workflows, replacing labor-intensive manual processes prone to human error and delays. I discovered.
According to a PYMNTS Intelligence and Corcentric joint study, “Why CFOs Recognize the Need to Automate AP/AR Workflows,” 8 out of 10 chief financial officers (CFOs) have implemented automated AP/AR processes. People report a significant reduction in friction and confusion.
“Customers are starting to realize that friction in business relationships and B2B transaction processes is not always worth putting up with,” Clark told PYMNTS in an interview posted in June.
“When it comes to things like efficiency and digitization, you don’t have to look any further than today’s B2C for the future of tomorrow’s B2B,” Clark says. “Some of the new generations emerging within organizations are unwilling to accept some of the things that have been taken for granted as the status quo for decades. I would say yes.”
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See more: Accounts Receivable, AR, B2B, B2B Payments, Commercial Payments, Cocentric, CTS Systems, Hotels, News, Partnerships, PYMNTS News, Travel, Travel Agents, Travel Payments, Featured Information, B2B Featured Information
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