VoPay Launches VoPay360 – Embedded Financial Technology | National Crowdfunding & Fintech Association of Canada

February 1, 2023 Digital, NEO, Open Banking, Open Finance, FinTech and Alternative Finance, Fintech Services, Innovation and Resources, Payments, Transfers, Rewards No comments

VoPay Launches VoPay360 – Embedded Financial Technology

VoPay | Release | Feb 1, 2023

Image: VoPay website

Leading provider of embedded financial technology solutions, VoPay, today announced the launch of VoPay 360.

VoPay 360 bridges the gap between accounting software and the payment platform in one centralized platform.
- Built on VoPay's industry-leading API, VoPay 360 will become the "operating system" for all transaction data going in and out of a business, revolutionizing how companies handle their financial transactions.
Problem: As businesses often use multiple systems to manage their Accounts Payments and Accounts Receivable processes, they must often allocate additional resources to their operations, relying heavily on manual labour, resulting in an increased risk of error. In fact, the average time to process a single manual paper-based transaction is 8 minutes, with costs $3 more than an electronic transaction.
- Business customers are increasingly seeking integrated solutions to solve complex money movement problems, as manual and paper-intensive methods cannot keep up with modern enterprises' needs.

See: Payment Trends: Opportunities and Risks Shaping 2023

Key benefits:
- Integration: Allows VoPay customers to connect VoPay to their accounting system
- Centralization: Brings in open invoices and bills from the accounting system to VoPay
- Efficiency: Eliminates the manual processes of financial data entry, freeing up staff members so they can focus on more strategic tasks.
- Visibility: Real-time payment tracking enables businesses to immediately identify and resolve issues that may cause a delay in cash flow.
- Process Automation: Automate one of the most time-consuming and error-prone processes for business: the update of ERP systems with financial transaction data. Turn an open receivable or payable item into a closed or paid item automatically.

Read: X-Border Payments: European Central Bank Report says CBDCs Could Be ‘Holy Grail’

Hamed Arbabi, Founder and CEO at VoPay:

“The introduction of VoPay 360 was a result of direct feedback from our customers who were experiencing inefficiencies in their current AR/AP processes and needed a more innovative approach. In this day and age, managing collections and reconciliation should be easy, but that’s not the reality. We want to help businesses eradicate the friction associated with multiple disconnected systems by maximizing digitization and bringing all the necessary tools into a single platform. I expect our customers to see immediate benefits from this 360 solution.”

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NCFA Jan 2018 resize - VoPay Launches VoPay360 - Embedded Financial Technology The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org