Thomas Priore on CPX: Revolutionizing Accounts Payable Automation
Traditional methods for business-to-business payment processing are fragmented, costly, time-consuming, and risky. Thomas Priore, co-founder and CEO of Priority, has developed CPX, a digital payments processing solution that is transforming how businesses handle accounts payable.
“CPX can use a single payment instruction file to make payments to every supplier in a company’s system,” explains Priore. This approach eliminates the need for manual entry of invoices and other accounting-related tasks, which can cost over $30 per check when done traditionally.
The technology behind CPX includes a dynamic mapping tool that maps the supplier spend file, regardless of format, in just five minutes. CPX then parses the payment to the appropriate recipient. Priority’s supplier activation team also works with a company’s suppliers, providing the support needed to transition from checks to card solutions, automated clearing house payments, and dynamic discounting.
These features are designed to drive savings, early pay discounts, rebates, and cash-back incentives, all of which are delivered back to the business, boosting the bottom line. As Priore says, “At the end of the day it gets pretty simple. There is a value asset already running through your ecosystem. That asset is payment acceleration.”
CPX has been recognized as a Top 10 Accounts Payable Solution Provider by CFO Tech Outlook, validating its effectiveness and innovation in the B2B payments space. With 4 major integration capabilities, CPX can work with existing accounts payable systems to eliminate manual processes and integrate all forms of payment.
Under Thomas Priore’s leadership, Priority continues to grow rapidly, especially in its services for small and medium-sized businesses. By leveraging advanced technology to solve business challenges, Priore has positioned Priority at the forefront of the fintech revolution, helping businesses improve their operations and financial performance.