FI.SPAN partners with Beanworks to build B2B payments hub
Financial services management platform FI.SPAN inked a deal with Canada-based Beanworks to jointly build a “world-class business-to-business (B2B) payments hub”, writes David Penn at Finovate, Banking Technology‘s sister company.
The new BeanPay platform will give Beanworks’ business customers many of the same vendor payment capabilities that banks have. FI.SPAN will provide pre-integrated third party fintech solutions into the hub, and will manage payment processing via “strategically curated API connections”.
FI.SPAN CEO and founder Lisa Shields praises the combination of Beanworks’ accounts payable automation UX and a “very modern portfolio of payment services”. She says, “Beanworks believes in our vision of sharing modern business services within the corporate customer’s primary business applications.”
Calling manual reconciliation and file transfer “no longer acceptable”, Beanworks CEO Catherine Dahl says her company’s “mission is to make the life of the treasurer easier”. Beanworks is cloud-based AP software – integrated with most common accounting platforms such as Intuit Quickbooks, Microsoft Dynamics, and Xero – that automates invoice data entry and invoice-to-purchase matching. Beanworks is also the AP automation provider of choice for Sage accounting and business management solutions. “FI.SPAN’s solution enables us to immediately and profitably extend our AP workflow through to world class payment capabilities,” Dahl notes.
FI.SPAN was founded in 2016 and is headquartered in Vancouver. Its technology enables banks and other FIs to deploy new business banking services and products, leveraging RESTful API endpoints to give financial institutions the ability to decide specifically which and how different products and services are available over different channels. FI.SPAN also provides pre-built connectivity to major ERP platforms, empowering banks to use ERP as a channel for corporate customers.