Leading Workday Service partner, OneSource Virtual (OSV), today announced the general availability of its new Finance & Accounting solution powered by J.P. Morgan’s virtual card payments solution, Single-Use Accounts (SUA): Invoice Pay + Supplier Management. This new offering from OSV complements its existing line of services and extends its capabilities, allowing Workday customers to have one partner for their Financial Management deployment and their invoice processing and payment services.
Invoice Pay is a new payment optimization solution that streamlines the accounts payable process to reduce the number of steps for customers. Now, instead of customers following a series of detailed steps for each payment type—check, ACH, and credit card—OSV and J.P. Morgan complete those steps on their behalf so that all customers have to do is select and approve which invoices to pay and reconcile the payment batches. And with the power of SUA virtual cards, customers are eligible for six figures in annual cash savings and rebates, in combination with complete fraud protection across all payment types.
“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,” says OSV CEO Trey Campbell. “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.”
In addition to offering Invoice Pay to OSV customers, OSV is utilizing it internally—as it does with many of its services—to improve its own operating efficiency and gain valuable insights to provide a superior customer experience.
“With everything that has happened in the last year, working more efficiently and utilizing our resources optimally is one of our biggest priorities, and Invoice Pay is helping us achieve that,” says Prerna Sachdeva, Corporate Controller for OSV. “We’re excited about the time Invoice Pay saves us as well as the substantial dollar savings and cash rebates we are beginning to benefit from. We are eager to offer this to our customers as well.”
Paired with OSV’s Invoice Pay solution is Supplier Management, which adds another critical component to what a finance and accounting partner can offer: the ability to improve a customer’s relationship with their suppliers. Supplier Management provides supplier setup and maintenance, plus a range of payment options with detailed remittances. Suppliers also receive a supplier-facing support team and 24/7 access to a supplier portal for increased visibility.
“A customer’s relationship with its suppliers is another critically important part of accounts payable. Many companies don’t have the time or bandwidth to work with their suppliers on a daily basis to truly optimize their payments, and we do just that with this new set of services,” says CEO Trey Campbell. “Supplier Management allows us to enhance the customer/supplier relationship so that everyone involved has a better experience.”