Finexio, the smart B2B payment network that simplifies digital payments for accounts payable departments, is collaborating with RedTeam, a cloud-based project management and accounting software designed for commercial construction companies, to build a new solution for electronically distributing payments to subcontractors and vendors.
The commercial construction industry’s payment chain is particularly complicated and fraught with risk, considering the sheer number of outbound payments involved in large-scale construction projects and the potential for lien and bond claims. Finexio and RedTeam’s new product will mitigate this risk by integrating electronic payment capability directly into RedTeam’s platform, alleviating payments being delivered without lienholder approval. This payment capability minimizes the possibility of lost checks and human error while maximizing delivery speed. Read more here.