TORONTO, ONTARIO–(Marketwired – June 11, 2015) – Cambridge Global Payments, a world leader in global payments and risk management solutions, is pleased to announce a new strategic alliance with IQ BackOffice, a leading global accounting 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 1-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.”
About Cambridge Global Payments
Since its inception in 1992, Cambridge Global Payments has grown to become a leading provider of global payments and currency risk management solutions. With more than 14,000 clients worldwide, Cambridge is among the largest bank-independent providers of hedging and risk management products, powered by technologies widely regarded as industry leading. Cambridge delivers a superior level of service to clients through extensive knowledge of foreign exchange and award-winning operational capabilities, supported by an experienced trading, account management and consultative sales team. With offices strategically located across the globe, including North America, Europe and Australia, Cambridge facilitates the secure movement of over $20 billion annually. For more information, visit www.cambridgefx.com.
About IQ BackOffice
IQ BackOffice is a global leader in accounts payable outsourcing, delivering customized solutions for its clients and boasting 99.97% quality and up to 68% cost savings. By reengineering existing processes such as accounts payable, accounts receivable, and payroll, IQ BackOffice reduces costs, enables better decision-making and creates stronger financial controls. Clients range from mid-sized to multi-billion dollar private and public companies, across industries such as restaurant and hospitality, real estate and property management, manufacturing and distribution, telecommunications, utilities, energy, financial services, professional services and others. IQ BackOffice is majority-owned by LiveIt Investments Limited, the holding company for Ayala Corporation’s investments in the business process outsourcing sector. Ayala was established in 1834 and is one of the leading conglomerates in the Philippines.