Spenda Ltd (ASX:SPX) has released the Spenda accounts receivable v1.1 product to support the growing payment flows.
Payment flow growth has continued through the current quarter with the most significant growth coming in March 2022 following the completion and scale-out of various pilots.
In March, the company has added A$150 million per annum in new payments business across various customers, of which Spenda’s average fee range is 1.25 - 1.4%.
Growth has come from the retail, soft furnishings and agriculture sectors.
The business is heavily focused on the convergence of payments and data-driven lending through the Spenda platform and will continue to focus on providing innovation within payments flows where cards are blended with debt to process payments.
‘New normal’ in lending/payment services
Spenda managing director Adrian Floate said: “We are working to create a ‘new normal’ in lending and payment services.
“This release takes us several steps closer to giving improved control of the buy/sell process to our customers enabling better on-demand lending and business-to-business data collaboration.”
Opportunity for partnership to thrive
Fresh Supply Co CEO David Inderias said: “We are seeing the strong partnership between the companies materialising.
“COVID, inflation, supply chain stressors, and now global conflict are creating increased capital requirements for businesses to go on operating as usual.
“The cost to produce, process, and ship goods in the agri-food space has and will continue to increase into the mid-term.
“This creates a clear opportunity for our partnership to thrive.”
Growth in agriculture flows
The Fresh Supply and Mastercard referral agreements have championed growth in agriculture flows.
The A$150 million growth in payment flows has been delivered from existing customers such as James Tyler as well as the addition of new business within the fresh produce supply chain.
This growth is expected to be achieved through the activation of customers onboarded in March and April.
The annual payment growth of A$150 million per annum is based on those customers maintaining their current payment flows.
Delivers critical updates
The release of Spenda AR version 1.1 delivers critical updates that improve performance, scalability and product flexibility. Specifically, it incorporates the following updates:
➢ User experience enhancements to improve:
- visualisation of the accounts receivable sales ledger and customer's debt;
- management of debt collection jobs;
- sending of automated collections communications;
- making notes about collections and payment expectations;
- entering into payment arrangements with a customer;
- taking customer payments via bank transfer, card or through a BNPL facility;
- managing Credit Claims; and
- dynamically triggering finance drawdowns.
➢ Backend enhancements that improve:
- security on the transaction pipe;
- performance enhancements that improve transaction throughput per second;
- end-to-end reporting for merchant funding payments; and
- merchant boarding.
Transaction services business
Spenda is a transaction services business supplying industries with a broad range of B2B payment services, digital trading software and integrated solutions.
Its goal is to convert EFT payments to card payments using the BPSP engagement coupled with its payments collaboration framework.
It delivers end-to-end e-invoicing integration, rapid ordering, digital trust and automated reconciliation.
Spenda supplies its customers a recipe of integrated software to create a vertical market standard operating environment (SOE) that enables the effective and seamless transfer of data from multiple, disparate software systems in one standardised technology solution, such as SpendaRetail.
Spenda has licensing agreements with third-party software vendors that enable it to provide integrated SOE solutions to its customers.