Weavr, a provider of embedded finance solutions based in the UK, has partnered with global accounting leader Paperchase, a specialist in financial management services for the hospitality industry, to launch its Embedded Payment Run (EPR) solution.
The new product has been developed to tackle longstanding inefficiencies in Accounts Payable (AP) processes, a critical pain point particularly within fast-moving sectors such as hospitality, according to FF News.
Traditional AP systems typically delay supplier payments by several days, a bottleneck Weavr and Paperchase seek to eliminate.
Weavr specialises in providing embedded finance solutions that allow companies to integrate financial services directly into their platforms. Its technology aims to simplify access to banking, payments, and card services without the need for deep regulatory knowledge or lengthy compliance processes.
The Embedded Payment Run (EPR) enables AP and cloud accounting platforms to execute payments directly within a single workflow, allowing users to make payments without ever leaving their application. By leveraging UK Faster Payments, EPR enables near-instant transactions once invoices are approved, significantly reducing the risk of manual errors and fraud while streamlining the payment process.
EPR is delivered as a developer toolkit, making it easy for AP software providers like Paperchase to embed payment capabilities within their platforms. This eliminates the need for integrations with multiple third-party FinTech providers and offers potential new revenue streams through services such as payment cards and embedded lending.
The launch follows research conducted by Weavr among UK AP professionals, which highlighted a strong demand for more integrated workflows. Findings revealed that 94% of users would value the ability to make payments within existing invoice processing platforms, and 86% would be willing to pay more for this functionality. EPR was purpose-built to meet this market need, helping finance teams save time and streamline operations.
Bimal Desai, project manager at Paperchase, said, “We explored a number of partnerships to reduce rising costs and increase efficiency in the AP process. With Weavr’s open banking solution being compliant with financial regulation, it was a no-brainer to partner with them. Weavr’s faster payment options save us time and prevent errors with AP and vendor payments. The FPS process backed by Weavr open banking APIs eliminates the need for manual payment uploading and prevents human error.”
Alex Mifsud, CEO and co-founder of Weavr, said, “Weavr’s EPR solution is the ideal competitive boost for established SaaS products servicing AP activities, such as cloud accounting tools, procurement platforms, and dedicated AP management systems. EPR is a first-of-its-kind solution that enables businesses in this field to execute on an embedded finance strategy as easily as integrating any other software library to its technology stack.
“Open Banking has long had a widely-acknowledged limitation when it comes to bulk payments. By going beyond the raw capabilities of Open Banking and Banking as a Service to deliver a payments execution solution specifically designed for AP, EPR fills a long-standing gap in the B2B financial services space. We’re excited to see how it can change workflows for partners like Paperchase.”
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