Deluxe and ECHO Health Form JV to Bring Advanced Payables Solutions to the Middle-Market
02 Maio 2023 - 10:30AM
Business Wire
Deluxe (NYSE: DLX) and ECHO Health have joined forces to create
DPX Payments, a joint venture to deliver advanced payables
offerings to the large and underserved middle-market. The new
venture will offer a comprehensive disbursements platform
specifically designed for businesses that send thousands of routine
or recurring payments to suppliers and vendors using paper today.
With multiple digital payment types from which to choose and
enhanced security, this solution offers seamless integration with
the most popular accounting software platforms, reducing manual
processes and mitigating the risk of fraud for small- and mid-sized
businesses.
Deluxe and Echo first partnered in 2019 with the launch of the
Medical Payment Exchange, which, along with the existing Deluxe
Payment Exchange (DPX), is growing rapidly, processing more than
$20 billion in payments annually. The new JV expands the
partnership to offer these advanced payment capabilities to all
businesses, with support for multiple payment types, including ACH,
virtual card, paper check, push to debit card, and echeck, among
others.
The joint venture will leverage the extensive network of
businesses with existing relationships with Deluxe enabling
significant scale over time.
"DPX Payments is the next step in the omnichannel payment
strategy of Deluxe, offering an even broader range of digital
payment solutions to the middle market," said Michael Reed,
President of Payments at Deluxe. “DPX Payments reduces the burden
on AP teams to worry about whether their payee can accept their
preferred payment method, regardless of payment type
preference.”
"Partnering with Deluxe, already a market leader in receivables
management, was an obvious choice for us given its unparalleled
distribution and reach," said Tom Dean, President of ECHO Health.
“With this new launch, we're pleased to offer a more specialized
and tailored digital solution that will now cater to other segments
of the business payments marketplace. We believe that this joint
venture will pave the way for even more significant growth
opportunities for both Deluxe and ECHO Health."
About ECHO Health, Inc.
ECHO® is a technology company focused on removing complexity and
costs from payment processing. We save our customers over $1
billion per year through comprehensive management of the claim
payment process and providing access to the ECHO Payment Network,
the industry’s largest network of insurers and service providers.
ECHO settles over 500 million claims and distributes over $100
billion in payments securely across the ECHO Payment Network
annually; and proprietary ECHO technology keeps policyholders and
service providers happy by ensuring payments are sent in the manner
they prefer.
About Deluxe
Deluxe, a Trusted Payments and Data company, champions business
so communities thrive. Our solutions help businesses pay, get paid,
and grow. For more than 100 years, Deluxe customers have relied on
our solutions and platforms at all stages of their lifecycle, from
start-up to maturity. Our powerful scale supports millions of small
businesses, thousands of vital financial institutions and hundreds
of the world’s largest consumer brands, while processing
approximately $3 trillion in annual payment volume. Our reach,
scale and distribution channels position Deluxe to be our
customers’ most trusted business partner. To learn how we can help
your business, visit us at www.deluxe.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230502005698/en/
Tom Morabito, VP, Investor Relations 470-607-5567
tom.morabito@deluxe.com
Keith Negrin, VP, Communications 612-669-1459
keith.negrin@deluxe.com
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