Invoice payments provider OnPay was purchased by UK-based accounts payable automation solution maker Medius for an undisclosed sum.
The deal is designed to enable Medius to integrate payment processing – AP automation’s ‘last mile’ – directly into its source-to-pay platform, enhancing its customers’ operational efficiency and strengthening their anomaly, fraud and risk detection capabilities.
Founded in 2009 the accounting professional-focused OnPay Solutions was built to help clients streamline AP processes and lower costs by automating invoice payments. The company provides ‘no touch’ virtual card, ACH, check and wire payments for more than 400 customers ranging from mid-sized companies to some of the US's biggest enterprises and institutions.
The deal combines OnPay Solutions’ technology, its network of 360,000 vendors and 40 different banking integrations with its source-to-pay suite. It also was designed to strengthen Medius’s ability to automate payment processing through its own platform as well as existing third-party payment partners including Nomentia, Transfermate and Corpay. The company is also now looking to further simplify and streamline the payments workflow, as well as improve anomaly, fraud and risk detection.
In addition, the deal also expands Medius's footprint in the domestic US market with the addition of OnPay Solutions’ team of 35 permanent staff. Medius has plans to open the company’s first US-based office in OnPay Solutions’ hometown of Jacksonville, Florida.
Organizations that use Medius and OnPay (known as Medius Pay) to automate their invoice payments will also receive a cash rebate on their spend.