Scanco Software, which works in warehouse, manufacturing and supply chain management solutions for Sage, has partnered with digital B2B payments network CoreChain Technologies to streamline the B2B payments process, according to a press release emailed to PYMNTS.
The integration of the CoreChain payment networks with Scanco’s software offerings will also open up new supply chain financing opportunities, the release stated.
Users can leverage enterprise blockchain tech to streamline manual processes and reconciliation that usually slows down the warehouse and manufacturing business. Users can also mitigate fraud and finance working capital held in unpaid invoices, which are often 30 to 120 days in arrears, according to the release.
“The CoreChain network is platform agnostic, which allows us to engage the entire supply-chain ecosystem, and ultimately, better serve our customers,” Scanco CEO Andrew Nunez said in the release. “While we are still focused on the Sage platform, our solutions cannot be confined by the boundaries of a single [enterprise resource planning (ERP)]. Our customers work within ecosystems, not applications. The CoreChain partnership is strategically important to our continued focus on expanding our business.”
CoreChain Founder and CEO Chris Aguas said in the release that automating the payment process will help “equip [companies] for the future shifts in enterprise payments.”
“Innovation in the enterprise payments and finance space is moving at a break-neck pace, and warehousing and manufacturing businesses will need to adapt,” said Aguas in the release. “Scanco clients are going to be well ahead of the curve and ready for any sea changes that may occur.”
Companies have begun to see the benefits of having a central platform for B2B payments, PYMNTS reported. Sixty-five percent of businesses with revenues annually of $25 million to $100 million have said the lack of integration with ERP has been a point of strife as they shift to digital.
ERP systems can make it smoother for accounts payable (AP) and accounts receivable (AR), and they can support emerging B2B payment use cases. By pairing ERP with other technologies like the cloud or automation, companies can access more benefits.