Augmented payments:
Delivering Businesses the Data
that Counts

Learn more about Traxpay Augmented Payments

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Is Missing Data Killing Your Business?

Research shows that a huge volume of B2B payments cannot be successfully completed without human intervention. No matter what size your business has, you probably have personal experience with the problem: Do disparities between purchase orders, invoices and payments leave you or your AR staff intervening time and again to solve payment problems manually? If your answer is „yes“, we have a perfect solution for you – Traxpay Augmented Payments. Traxpay Augmented Payments adds a data Layer on top of bank payments by corporates that allows additional process automization at corporates like better cash flow planning and automatic payments reconciliation.

With our system that can automatically adapt to the complex and frequently changing data connected to B2B payments, businesses you are not going to lose time and money anymore.

MAKE TRAXPAY AUGMENTED PAYMENTS WORK FOR YOU

CHANGING YOUR FUTURE, NOW

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The Traxpay B2B Payments Platform also acts as a gateway to powerful upcoming services provided by Traxpay and partner organizations. At a glance, Traxpay can enhance your business processes by empowering:

  • A wide range of electronic payment methods and value-added services.
  • Supply Chain Financing, Factoring, Dynamic Discounting, smarter escrow services, and more.
  • Access to a central hub that empowers easy integration with third-party financial services.
  • Flexible, horizontal scalable architecture for rapid deployment of new tools.

Why Choose Traxpay Augmented Payments?

As businesses battle against the lack of data available alongside B2B payments, choosing Traxpay Augmented Payments gives users several key advantages. Traxpay Augmented Payments finally eliminates the problems of reconciliation by:

Traxpay Augmented Payments enriches B2B payment transactions with additional data from ERP systems and allows 100% automatic payments reconciliation.

  • Custom integration into existing ERP and Purchase-to-Pay systems.
  • Working alongside exisiting corporate processes and approval flows already in place.
  • Harmonizing with users’ existing banks.
  • Integrating the financial value chain.

Traxpay Technology

  • Traxpay’s solution is built on extensible, flexible, and modern architecture. With a robust library of APIs, Traxpay’s service is always up-to-date, compliant, and easy to integrate into existing corporate or supply chain systems.
  • Adapts to specific customer needs – down to the last detail Supports SEPA, TARGET2 and ACH ISO 20022 messaging standards.
  • Automated buyer/supplier onboarding and identity verification (KYC/AML).
  • Highly secure, ISO 27001 certified data center/private cloud used by today’s leading companies.
  • SAP-certified solution, works in concert with existing corporate workflows.
  • Provides its APIs in best practice protocols (SOAP-XML and REST).
  • Updates functionalities on the fly. Services can be added, modified, and removed at payment-processing – perfect for the dynamic nature of the business world.
  • Supports a vast range of payments-processing formats and channels out of the box, and seamlessly adds new ones.

How Does it Work?

When businesses running the Traxpay ERP Plugin make a SEPA or cross-border payment, the system creates an enriched ISO 20022 file that contains all the invoice information and line-item detail contained in the Financial Accounting and Materials Management modules. The payment file is created and then sent to the buyer’s bank in the required bank format before being approved by the buyer and credited to the supplier.

Cross-border payments can be made in any currency that the partner bank supports, and alongside payment suppliers will receive the all-important – and normally absent – transaction data in their format of choice. Service users also have the option of allowing Traxpay to handle the monitoring of all activity over a dedicated account and providing status updates to the relevant parties. These updates are shown in a dashboard, like the screenshot shows.

Depicting the progress of the payment, and an indicative prediction of payment run timings will be given based on country, payment scheme rules, and other key factors. Exception events such as a delay in approval by the buyer, a returned payment, or a suspicious transaction, will generate alerts.
The Traxpay ERP plugin can even be tailored to enable automatic reconciliation in complex situations that involve Dynamic Discounting or Supply Chain Financing. So if the payment amount, date, or financing reference are altered, or if special conditions are applied, users always retain clarity and control. If a buyer wishes to use his existing arrangements with his bank for submitting and executing the payment, their suppliers can still benefit from Traxpay’s rich data advices. At the time of the payment run, Traxpay extracts data from ERP system as normal, and makes it available to the supplier via any of the available formats.

All communication with the bank, for submission of payment files and optional monitoring of transaction
status, is based on approved standards such as EBICS, which means security, authentication, and approvals are all handled according to the highest possible requirements. Traxpay can easily add support for new regions and finance formats based on the needs of users. Examples of currently supported formats: CGI ISO20022 PAIN formats, PAIN.001 and PAIN.008 for SEPA together with relevant advice formats, ISO2022 CAMT.52 and CAMT.53, and NACHA for the US. Both buyers and suppliers can have total peace of mind in the knowledge that they will be notified of any events affecting the invoice data.

Take Advantage Today

The core features of Traxpay’s Conditional Payments service can be utilized for a monthly fee per buyer and supplier registered on the platform. Low, variable fees are also applied on transactions. For full details of our fee structure, contact us at info@traxpay.com.

Contact Us - Augmented Payments

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