June 18, 2015

Cambridge Global Payments, IQ BackOffice deliver customized solution

Toronto, ON--Cambridge Global Payments, a provider of global payments and risk management solutions, is pleased to announce a new strategic alliance with IQ BackOffice, a leading global accounting and human resources outsourcer. The strategic alliance combines the global payments technology offered by Cambridge and IQ BackOffice’s full-service accounting solutions, to give customers a seamless and integrated invoice processing and electronic payments process from start to finish.  The new strategic alliance will enable companies to implement one-day invoice processing for their customers, while at the same time, allow them to enjoy efficient cost savings of automated payments processing to vendors across the globe. 

Companies today in various industries, including finance, hospitality, real-estate, property management, manufacturing, and distribution face increasingly complex and mundane AP inefficiencies. This is due to the current infrastructure of their AP workflows being largely manual in nature, error prone due to operator error, and labor intensive. Costs continue to rise when vendors from across the globe are looking for fast and easy terms to do business. According to the Accounts Payable Optimization Study (The Institute of Finance & Management, 2014), major obstacles to AP departments paying invoices on-time are attributed to the burdensome processes of manually keying in invoice data, its physical routing, and the opportunities for invoices to be lost or misplaced along the way. This further emphasizes the reality that traditional, manual processes of back-office practices in house aren’t able to keep up with increasing business demands.

“By working with IQ BackOffice we are giving real solutions that solve real problems”, said Anil Sawrup, Managing Director, Enterprise Payment Solutions, Cambridge Global Payments. “Many of our clients are dealing with multiple vendors in various countries, and while payment processing is taken care of, there has been an increased need for a comprehensive and optimized invoicing solution. This integration of IQ BackOffice will allow our clients to leverage the latest AP and invoicing technology and the industry’s best-in-class processes to their advantage.”

“Businesses that deploy IQ BackOffice for their various AP processes can now rely on Cambridge’s online payments platform with award-winning efficiency in straight through processing for international wire transfers, ACH, and virtual credit card payments,” said David Schnitt, CEO, IQ BackOffice. “We are now able to offer our customers an integrated 360 degree platform and accompanying services when it comes to international and domestic vendor processing. We are excited to work together on a common goal to continue serving our customers with a full-service, innovative accounting solution.”