Vroozi will launch a procure-to-pay option, which will allow mid-market companies to expand faster by increasing spend controls, and automating accounts payable and purchasing services, said Vroozi CEO Joe Fox. Stratas, which specializes in helping other companies transform their payment operations through digitization, will assist Vroozi in that goal. The companies are expected to begin working together by February.
Stratas typically works to reduce companies’ reliance on manual or paper-based processes. Partnering with Vroozi, the company will make enterprise-grade P2P services accessible to middle-tier companies. This will position Stratas to help with optimizing spend management, reducing costs and improving financial controls.
Vroozi uses a marketplace that unifies finance, procurement, employees and key suppliers on one integrated platform, and automates processes like purchase requisitions and approvals, invoice processing and vendor collaborations. The company uses a modern, multi-platform cloud software, which lowers costs for goods and services, increases transparency and helps with budgeting.
Stratas Managing Director David Wilson said that clients in multiple stages of their digital journeys have utilized the company’s services. Now, operating in a thoroughly tech-led business environment, working with Vroozi will satisfy a niche, he noted.
Rachel Griffiths, Stratas’ purchase-to-pay solutions director, said the relationship will continue to allow customers to access their needs anywhere and anytime, as is customary in today’s on-the-go environment.
Last fall, Vroozi added supplier payments in a partnership with Nvoicepay. The partnership allows Vroozi’s corporate users to pay suppliers from within an integrated platform, and aimed to support all ends of the supply chain with a convenient way to make and receive payments. The end effect was to streamline the way business was conducted, according to officials with the firms.