Optal announced the acquisition of Invapay, in a deal which will significantly expand Optal’s capabilities in the global corporate payments space.
Invapay enables corporate buyers to use credit cards to pay suppliers who historically have not accepted card payments. Invapay’s technology platform seamlessly integrates with the buyer’s existing enterprise resource planning systems (ERP) through a simple plug and play payment API.
Once integrated, the solution delivers a secure, data rich automated payment solution, with suppliers paid via EFT, eliminating the need to sign up to a merchant facility to receive payments by credit card.
The Invapay solution enables corporate buyers to obtain the extended payment terms of traditional card payments, while effecting automated, secure and efficient payments to non-card accepting suppliers, in any location across the world in any currency.
“The acquisition of Invapay enables Optal to deliver a one-stop-shop for corporate B2B payables needs,” explains Rob Bishop, CEO, Optal.
“Combined with our existing highly successful virtual payment solutions including virtual account numbers or VANs, Invapay completes our product offering, enabling us to offer genuine ‘pay anyone, anywhere’ capabilities.”
“Solving payment acceptance issues and optimising working capital for customers is crucial for successful payments solutions in the procurement industry and Invapay are the leaders in this space.”
The acquisition is subject to FCA approval in the UK.