OneSource Virtual Rolls Out Invoice Pay For Vendor Payments

OneSource Virtual (OSV) has rolled out its Invoice Pay offering, which lets its Workday clients make payments and control vendor payment choices, as a supplement to its invoice imaging, coding and approval process tools, according to a Thursday (Jan. 21) announcement.

Invoice Pay, which is fueled by J.P. Morgan’s Single-Use Accounts (SUA) virtual card payments offering, provides fraud protection and card rebates to OSV’s finance and accounting clients, per the announcement.

OSV CFO John Bax said in the announcement that the company’s new invoice payment offering will utilize virtual cards for invoice settlement, along with forms of payment commonly used in the past.

“This comes with three advantages to our customers. First, it enables one-to-one invoice settlement to simplify payment reconciliation; second, OSV will assume all liability for payment fraud; and third, rebates offered from SUA transactions will deliver significant savings on accounts payable and procure-to-pay functions,” Bax noted.

OSV has provided various finance and accounting offerings such as payroll services to its Workday clients during the past five years. The company says it provides further value to its clients with Invoice Pay via payment functions like check, wire, virtual card and automated clearing house (ACH), along with a payment optimization engine, invoice reconciliation, card rebates and fraud protection.

In addition, the Invoice Pay platform from OSV will offer a new accounts payable (AP) offering for Workday clients, as well as vendor management. Vendors serving clients will be contacted for onboarding.

Greg Kerwick, head of TS client solutioning at J.P. Morgan, said in the announcement that the company’s “sophisticated supplier network will additionally enable OSV customers to provide a more seamless payment experience.”

The news comes as REPAY Holdings Corporation, the payment solution company, has linked its systems with Billtrust. REPAY’s corporate customers will have the capacity to automate payments to Billtrust’s collection of networks via its participation in Billtrust’s Business Payments Network (BPN).