OneSource Virtual (OSV), a Workday Service partner, announced in a press release the availability of its finance and accounting solution, which is powered by Single-Use Accounts (SUA), J.P. Morgan’s virtual card payments solution. The new solution is called Single-Use Accounts (SUA): Invoice Pay + Supplier Management.
The new offering works in tandem with other OSV offerings and boosts its services. It will let Workday customers have at least one partner for their financial management deployment and invoice processing and payment services, according to the release.
Invoice Pay is a new payment optimization service that reduces the number of steps for customers and helps streamline the accounts payable (AP) process, the release stated.
Customers will now be able to avoid the need to follow long and detailed payment steps for every payment type, including checks, ACH and cards, according to the release. Instead, they will be able to let OSV and J.P. Morgan complete everything on their behalf. All the customer will have to do is select and approve which invoices to pay and reconcile in the payment batches.
OSV will also be using the Invoice Pay option internally. This is a common practice for the company, the release stated, and will see the company bolstering operating efficiency and gaining more insights into how to provide a better customer experience.
“After a year like 2020, companies appreciate having a partner who can tackle even more of their routine business processes because sometimes you just don’t know what you’re not prepared for,” said OSV CEO Trey Campbell in the release. “And since paying your supplier invoices is literally the cost of doing business, we wanted to make sure our customers are always prepared, no matter what comes their way.”
The Supplier Management portion of the solution provides the ability to improve a customer’s relationship with their suppliers, according to the release. It offers supplier setup and maintenance, as well as payment options with detailed remittances. Suppliers get a support team and increased visibility via anytime access to a supplier portal.
AP team members working from home need to be able to quickly process invoices and monitor bill dates, along with dealing with upcoming bill dates. Invoice processing automation can help to analyze the relevant details from scanned or embedded documents.