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Payments provider Priority Technology Holdings Inc. is partnering with Century Bank, a community bank with locations in New Mexico and Texas, to provide its accounts-payable platform called CPX (Commercial Payment Exchange) to the bank’s business customers. CPX automates manual business-to-business payments processes, such as manual check runs, payments, and reports.
The CPX platform manages virtual card, ACH, and check payments, and can be integrated with any bank, processor, and network. The platform’s interactive portal provides full visibility of payment status and detailed reports.
Priority says its supplier activation team secures rebates for business customers with the most advantageous payment terms, while negotiating discounted payment fees for suppliers.
For Century Bank, CPX provides a collection of B2B payment solutions, the bank says.
“Today, companies are focused on optimizing their AP process and desire to partner with a community bank that is committed to the communities they both serve,” Tyler Sisneros, senior vice president and director of treasury and digital banking for Century, says in a prepared statement. “Unfortunately, many community banks are technology-challenged, and the payables optimization vision evangelized by larger [financial institutions] precludes most companies due to cumbersome IT requirements of their payables tools. We are proud of our partnership with Priority because it allows us to provide our commercial clients with a powerful, yet user-friendly, payment tool.”
In 2021, Alpharetta, Ga.-based Priority Technology generated $514.9 million in revenue, up 27.4% from a year earlier and a gross profit of $155.0 million, up 22% from 2020.
