HOUSTON and BRENTWOOD, Tenn., March 6, 2018 /PRNewswire/ — Noventis, Inc. (Noventis) and Comdata, a FLEETCOR company (NYSE: FLT), announced today a multi-year agreement that will allow both companies to strengthen their respective solutions and deliver greater value to corporate finance departments. Additionally, the partnership gives Comdata a new distribution channel to increase spend volume on its virtual credit card platform, while Noventis embeds its unique payment processing technology with one of the world’s largest virtual credit card issuers.
“Partnership between FinTechs like Comdata and Noventis is what is driving innovation in B2B payments,” said Kurt Adams, president of Comdata’s Corporate Payments division. “Both our companies are obsessive about removing friction between buyers and suppliers to enable fast, secure, electronic payments. But we’ve been focused on different pieces of the puzzle. Now we can use each other’s technology to improve our own capabilities.”
Noventis will now be able to deliver payments via virtual credit cards issued by Comdata to its vast network of suppliers. In turn, Comdata will begin using Noventis’ processing technology to automate payments to telecom suppliers who aren’t equipped to accept standard virtual credit card payments. With more than 700,000 suppliers already accepting Comdata virtual cards, clients will be able to eliminate even more paper check payments and simplify the process of handling telecom invoices.
“This agreement furthers a strategic tenet of Noventis’ market strategy in B2B payments around elimination of checks through our proprietary straight through processing (STP) capabilities,” said Steve Taylor, Noventis CEO. “The partnership is incredibly beneficial to both firms. Comdata’s capabilities and scale in card-issuing, along with our expertise in processing and accounts receivable posting, aligns perfectly with Noventis’ core mission to accelerate the adoption of electronic payments in the B2B sector.”