Nuvei and Quadient Launch Cloud Payments Partnership

Automation platform Quadient has launched a partnership with payments company Nuvei.

The collaboration is designed to help businesses worldwide enhance their cloud payments capabilities, integrating Nuvei’s payment processing technology with Quadient’s accounts receivable (AR) and accounts payable (AP) automation tools, per a Tuesday (May 13) news release.

“With the integration of advanced global payments capabilities, Quadient is tackling a major challenge in the fast-evolving $120 trillion global B2B payments ecosystem, where more than half of small and midsize businesses still rely on fragmented systems to manage financial transactions,” the companies said in the release.

“Quadient now offers a unified, scalable cloud-based platform that automates AR and AP across multiple currencies, payment methods, and regions.”

By adding capabilities like customer onboarding, pay-ins and payouts, and risk management, Quadient helps businesses deal with the complexities of cash flow management, align payment terms, and pivot from manual, fragmented processes.

“With our cloud platform, we’re helping businesses streamline workflows, gain deeper financial insights, and build stronger relationships with customers and suppliers, driving efficiency and sustainable growth to succeed in an increasingly digital and regulated marketplace,” said Chris Hartigan, chief solution officer, digital, at Quadient.

The partnership comes at a time when much of the B2B payments space remains bogged down by manual processes and legacy systems, as PYMNTS wrote Tuesday.

“There’s the thought for a lot of companies that, ‘Oh, I have a purchasing card program, I have a virtual payables program — but I can’t use it where I would like to,’” Court Toomey, head of commercial payments, payables at Priority, told PYMNTS.

“Less than 10% of total B2B volume in the U.S. can be transacted via credit card, and less than 3% globally,” Toomey added, noting that across the United States, traditional B2B payments remain under-optimized.

That, however, is beginning to change.

Modern B2B payment solutions such as virtual cards and real-time payments are increasingly being aimed at a critical, and growing, small to medium-sized business (SMB) audience.

“The more you move down-market is where a lot of the efficiencies that virtual card and real-time payments bring to B2B payments are needed,” Toomey said, adding that the idea that digital B2B payment tools are only meant for large enterprises with massive staffs and complex infrastructures was “the opposite of who should be looking at these solutions.”

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