Medius acquires bill payment company OnPay
Expense management and eProcurement software company Medius has acquired bill payment provider OnPay Solutions.
“The agreement will allow Medius to integrate payment processing – the “last mile” of AP automation – directly into its source-to-pay platform, improving operational efficiency for its customers and strengthening their capabilities. anomaly, fraud and risk detection,” the Swedish company said. Tuesday (March 29) in a press release emailed to PYMNTS.
The amount of the transaction was not disclosed.
Founded in 2009, OnPay helps customers streamline AP (Accounts Payable) processes and reduce costs by automating bill payments. According to the release, the Florida-based company provides virtual “contactless” cards, ACH, checks and wire payments to more than 400 customers.
Medius said the acquisition strengthens its ability to automate payment processing through its platform with payment partners such as Nomentia, Transfermate and Corpay. Additionally, the company said its customers will benefit from a more efficient payment system that provides better anomaly, fraud and risk detection.
“Payment processing is the last mile of accounts payable automation,” said Jim Lucier, CEO of Medius. “Improving our end-to-end solution that automates the process of receiving, processing, approving and paying an invoice, as well as onboarding and managing vendors, requires state-of-the-art technology and deep domain expertise at every stage of the journey.”
The company said the deal expands Medius’ footprint in the US domestic market by adding OnPay’s team of 35 permanent employees. Lucier said the company plans to open its first US-based office in OnPay’s hometown of Jacksonville, Florida.
Read more: Medius expands global payment capabilities with partnership with Nomentia
Medius started the month with another announcement, launching a partnership with treasury and cash management company Nomentia.
The companies said the partnership enables Medius’ Nordic customers to respond quickly to market developments, such as the P27 initiative, which aims to create a single pan-Nordic payment infrastructure for the 27 million people living in the region.