Payments technology provider AscendantFX has added an international payment scheduling service to its APay online payment platform to help corporations automatically schedule and submit batches of cross-border transactions in advance of due dates.
The SchedulePay service allows companies to schedule business-to-business and business-to-consumer payments in advance of monthly deadlines, a boost to the international payment management process that AscendantFX says will save companies time and money.
"SchedulePay is our latest feature to streamline the international payments experience and provide the intuitive convenience that we have come to expect in the digital age," Jason Mugford, president and CEO of Toronto-based AscendantFX, said in a Thursday press release.
The new service is similar to other APay modules in that it will facilitate payments through manual entry, upload or API, Mugford said. "Businesses now have the freedom to manage international payments based on their own timeline," he added. "With strategic foresight, businesses can plan ahead more effectively and make changes as needed related to scheduling, approving, or removing single or batch payments."
SchedulePay users enter the scheduled due date, payee information, currency and payment amount onto the platform, where AscendantFX's Payee Intelligence tool ensures accuracy. Once submitted, company treasurers can view payments in batches on the date scheduled.
The service allows treasury teams to have payments delivered automatically on the scheduled date, or trigger additional levels of authorization or approval.
That flexibility allows businesses to customize the approvals based on their own internal policies through APay's single and dual-approval structures, the company said.
