Economy Jolts Demand for Software, Payment Solutions

The present unsure financial situations are bolstering the demand for digital options that may assist customers improve their money stream and dealing capital, Precedence Know-how Holdings stated Thursday (Aug. 8).

Among the many options companies are adopting is the corporate’s proprietary unified commerce platform “that’s purpose-built to gather, retailer, lend and ship cash, combining elegant funds and banking performance to monetize the commerce networks we serve,” Tom Priore, chairman and CEO of Precedence Know-how Holdings, stated Thursday (Aug. 8) through the firm’s quarterly earnings name.

“Our prospects and present market situations reinforce our perception that programs facilitating funds and banking options to distribute funds in multiparty environments will likely be vital as companies put better calls for on software program and fee options suppliers to speed up money stream and optimize working capital,” Priore stated.

Precedence Know-how Holdings’ ecosystem of economic options contains point-of-sale (POS) and buying options that speed up the consumer’s money stream; a banking-as-a-service (BaaS) providing that streamlines monetary operations and offers full transparency to surplus money; and payables and financing options that allow customers to automate reconciliation work, optimize working capital and earn money again, in accordance with a presentation launched Thursday along with the earnings name.

The corporate additionally presents its Accelerated Commerce Engine, an software programming interface (API) suite for buying, banking and payables options that may be built-in into customers’ enterprise programs, per the presentation.

Throughout the second quarter, demand for this product lineup drove information outcomes for Precedence Know-how Holdings, together with year-over-year income development of 20.6%, in accordance with a Thursday earnings launch.

The corporate additionally had over $1 billion in deposits, 1 million whole accounts and about $125 billion in last-12-months (LTM) whole quantity, per the presentation.

“All the pieces we did over the previous a number of years, from accelerating our funding in our unified commerce funds and banking infrastructure, to our give attention to constructing countercyclical enterprise traces, to our acquisition of Plastiq a 12 months in the past, was carried out with the intention and goal to supply our prospects with an elegantly delivered expertise combining buying, payables and banking options on a single platform,” Priore stated through the name.

“Our monetary and working outcomes display that we’ve continued to execute with distinctive consistency and a forward-looking imaginative and prescient that resonates with the constituents we serve,” Priore added. “Our tech-enabled service platform is delivering on the promise of a monetary software set that may speed up money stream and optimize working capital for our companions.”