Nexus Buyers and Suppliers Will Now Be Able to Interact More Easily and Securely
FALLS CHURCH, VA., MARCH 10, 2020 – Nexus, a leader in procure-to-pay software for the real estate industry, has launched an enhanced online supplier platform, NexusConnect, making it easier for fully vetted suppliers to transact electronically and securely with their connected buyers.
Using the NexusConnect platform, suppliers can submit invoices to Nexus customers, manage insurance documentation and purchase orders, as well as track their payments from buyers who use NexusPayments – all with just a few clicks.
Buyers, meanwhile, gain peace of mind knowing that suppliers are fully vetted – and are who they say they are – before they are allowed to connect and transact through the platform.
“We built the enhanced NexusConnect platform with feedback from both our buyers and suppliers, keeping everything they liked, while improving overall usability and increasing security and vetting,” said Jennifer Coolidge, President and Chief Innovation Officer at Nexus. “More features and functionality are coming shortly, too.”
Unlike other industries, real estate companies often receive thousands of invoices each month. They also do business with anywhere from 2,500 to 28,000 suppliers, ranging in size from one-person landscaping firms to Fortune 500 companies, according to Nexus data. For this reason, the NexusConnect platform was upgraded to include multiple security enhancements, including automatic identity verification checks.
NexusConnect automatically validates a supplier’s company name, TIN, address, and contact information before they are allowed to connect with buyers and send them invoices. Should a supplier’s information not match up, a warning message pops up on the screen.
Suppliers’ information is also automatically checked against the Office of Foreign Assets Control (OFAC) list to verify that suppliers aren’t on a terrorist watch list.
“Thanks to 20 years of focusing on the real-estate space, we understand exactly what real-estate buyers and suppliers need to transact easily,” Coolidge said. “In fact, we have built an extensive and intelligent database that matches real-estate related suppliers with buyers. With this artificial intelligence and connectivity, we’ll be able to offer even more types of frictionless transactions.”
NexusConnect is integrated with NexusPayables, a highly configurable software application that allows buyers to purchase goods and services from approved suppliers, view the budgeted amounts for those selected purchases, convert their purchase orders to invoices, and then submit the invoices for approvals and payment – all electronically.
The platform also enables NexusPayments, an automated payment solution wherein Nexus pays suppliers using virtual cards, ACH, or checks.
Nexus’s Chief Product & Technology Officer, Julio Palacio, remarked “we not only wanted a secure platform with an intuitive and clean interface, we also wanted it to leverage the best and most scalable technology stack available.” NexusConnect is built on AWS and Kubernetes, the foundational technology in Nexus’s Cloud-Native Architecture. It has built-in health checks, retry, circuit-breakers, and auto-scaling capabilities that improve system resilience. It also utilizes AWS availability zones, auto-scaling groups, and load balancer to strengthen availability and recoverability. Lastly, the platform’s Microservices application architecture allows different teams to work on different parts of the system concurrently without affecting one another, allowing Nexus’s systems to evolve in lock step with business growth.
With Nexus Procure-to-Pay software, real estate companies can manage every aspect of the accounts payable process – from purchase through payments – with just a few clicks. The web-based platform automates manual AP tasks and provides complete visibility into suppliers, budgets, and spend. No more paper, wasted time, nor guesswork. Nexus makes it easy to maintain and expand the supplier relationships at the heart of the real estate business. Visit http://www.Nexussystems.com.
Contact: Lydon Sacoff, lsacoff(at)nexussystems(dot)com, (703) 524-9101