Terainium, LLC, the developer of TERA Cloud, is teaming with Productfy, Inc. to provide complex financial technologies on its software-as-a-service (SaaS) infrastructure. The collaboration will allow Terainium to provide anti-money laundering (AML), enterprise spend management and supply chain payment offerings on the platform, according to a Wednesday (Aug. 19) announcement.
“TERA Cloud helps businesses automate their entire supply chain transactions and offers one easy place to control, manage and track the organization’s spending in the cloud,” Terainium Founder and CEO Madhu Tera said in the announcement. “We are building several key strategic partnerships and our partnership with Productfy helps us extend our TERA Cloud offering to US and Canadian businesses.”
TERA Cloud allows large companies to automate their receivables and payables as well as bring their supply chain transactions online, while speeding up revenue recognition. The platform lets companies reduce their expenses and automate their enterprise expenditures, payment procedures, and compliance. It accomplishes those aims with one technology by bringing together offerings such as AML, supply chain payments and spend supervision.
Productfy, for its part, is a technology that lets firms roll out FinTech applications, services or financial products. Firms can harness built-in functionality like data aggregation, know your customer (KYC), card issuance, money transfer/payments, financial ledgering, depository accounts and additional offerings with one line of code.
In separate news, Barclaycard recently launched a Barclaycard Payment Intelligence (BPI) solution to provide procurement departments with detailed data analytics for a broad view of their supply chains. The offering combines many accounts payable data points with internal and external information. It helps customers make the right payment approaches for various suppliers much faster than they could without the assistance of technology.
And, in other recent news, CHAMPS Group Purchasing was teaming with Procurement Partners to offer suppliers a new service. The offering was to “drive the efficiency of purchasing, invoicing and auditing for both members and suppliers of CHAMPS GPO,” according to a past press release.