Weavr and Paperchase have joined forces to integrate the Embedded Payment Run technology into Paperchase’s platform, aiming to streamline AP processes and boost efficiency. EPR will allow for payments to be executed within a single workflow without users needing to leave the application. This partnership will also allow Paperchase to leverage Weavr’s Open Banking solution and faster payment service, saving time and preventing errors with AP and vendor transactions.
Traditional AP systems often delay supplier payments, but EPR aims to optimise this process by enabling near-instant transfers through UK Faster Payments once payment is instructed. By automating data handling and connecting all steps from invoice approval to payment execution into a single workflow, EPR will reduce manual work, errors, and the risk of fraud.
EPR also provides AP software providers with the necessary features to support real payment execution within their own applications, including onboarding business customers, managing approval flows, and initiating payments securely and efficiently. This integration eliminates the need for SaaS platforms like Paperchase to work with multiple third-party fintech providers, streamlining implementation and creating new revenue opportunities through features like payment cards and embedded lending.
Both Weavr and Paperchase remain committed to meeting customer needs and market demands while ensuring compliance with industry regulations and laws. This partnership represents a significant step towards revolutionizing the AP process and enhancing overall efficiency for businesses using Paperchase’s platform.
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