Payments company Transcard has launched its SMART Hub, an embedded payment technology platform that can be embedded with any legacy software or enterprise resource planning application.
“SMART Hub enables users to instantly initiate or schedule single or mass payments of any type to suppliers and individuals from within the familiar screens of their legacy applications with just a few mouse clicks,” the company said in a news release Friday (Oct. 22).
According to Transcard, SMART Hub supports all types of payments, using any payment rail from any originating bank account. It offers real-time dashboards that show pending, in-process and completed payments, and allows users to look up historical payment information.
“Managing payments to suppliers and individuals is a major burden on most businesses,” said Greg Bloh, CEO of Transcard, noting that finance teams waste time rekeying data, logging into multiple ports and dealing with queries from suppliers and individuals.
“SMART Hub provides a single solution for managing and controlling business-to-business and business-to-consumer payments of any type, from within the familiar screens of a company’s legacy software or ERP,” he said.
The Chattanooga, Tennessee company says SMART Hub is also integrated with Transcard’s other solutions, such as SMART Disburse, SMART Collect and SMART Exchange.
PYMNTS recently collaborated with Transcard on the Banking as a Service Playbook. Our research found that 55% of finance officials say billing disputes are one of the biggest challenges they face.
And 94% of company finance officials say they must input at least some billing or invoice information manually, a practice that can lead to errors, disputes, late payments and wasted time. Nearly everyone who responded said disputes contribute to late payments.
To avoid all this, businesses are increasingly looking for new banking solutions, including automated accounts receivable platforms that can make billing, collecting and account reconciliation a seamless function of a firm’s ERP system.