Corcentric to Streamline Travel Booking Processes for CTS Systems with Managed Accounts Receivable Services

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CHERRY HILL, N.J., May 08, 2024 (GLOBE NEWSWIRE) -- Corcentric , a leading global provider of best-in-class procurement and finance solutions, announced today it will provide Managed Accounts Receivable (AR) services to CTS Systems , a preeminent data management company in the travel management field.

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GlobeNewswire, Inc.

Retrieved on:

Wednesday, May 8, 2024

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Data management, DSO, Friction, CTS, Software, Travel, Online shopping

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CHERRY HILL, NJ, US, AR

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Summary

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CHERRY HILL, N.J., May 08, 2024 (GLOBE NEWSWIRE) -- Corcentric , a leading global provider of best-in-class procurement and finance solutions, announced today it will provide Managed Accounts Receivable (AR) services to CTS Systems , a preeminent data management company in the travel management field.
By integrating Corcentric’s Managed AR offering into its existing platform, CTS Systems will now offer its corporate travel agent and hotel customers a single-source solution that enhances the accuracy and speed of commissions and payments with consolidated, digitized, and secure invoice processing.
“By partnering with Corcentric, we’re able to leverage our existing platform to vastly improve the flow and speed of payments to hotels and commissions to booking agents.
"The same is true of those operating within the corporate travel and booking industry.

CHERRY HILL, N.J., May 08, 2024 (GLOBE NEWSWIRE) -- Corcentric, a leading global provider of best-in-class procurement and finance solutions, announced today it will provide Managed Accounts Receivable (AR) services to CTS Systems, a preeminent data management company in the travel management field.

By integrating Corcentric’s Managed AR offering into its existing platform, CTS Systems will now offer its corporate travel agent and hotel customers a single-source solution that enhances the accuracy and speed of commissions and payments with consolidated, digitized, and secure invoice processing.

“For more than two decades, we have worked vigorously to eliminate cost and friction for our clients and believe this new capability will be a game-changer within the travel industry,” said Carl Roberts, founder and president at CTS Systems. “By partnering with Corcentric, we’re able to leverage our existing platform to vastly improve the flow and speed of payments to hotels and commissions to booking agents. And with a like-minded business culture and mindset, we know Corcentric will provide the highest quality customer-first services our clients have come to expect from CTS Systems.”

Corcentric’s Managed AR solution replaces bad debt, payment risks, high days sales outstanding (DSO), and overworked teams with guaranteed business outcomes. Corcentric supports customers with a combination of subject matter experts, financial services, and software that liberates working capital trapped in an AR ledger – giving customers the cash and peace of mind needed to grow a business.

“We hear all of the time that people don’t want hassles when it comes to travel – they want it to be convenient, easy, and fast,” said Matt Clark, president and CEO at Corcentric. "The same is true of those operating within the corporate travel and booking industry. CTS has a long history of solving for pain points that do just that, and we are honored to work with them on this latest venture to bring our Managed AR onto their platform to ease the burden of the invoicing and payments process for their clients.”

About CTS Systems
CTS Systems provides revenue solutions management across the spectrum of collection and reporting for the global travel industry. CTS Systems’ services range from basic reporting to full management of financial systems, from payment reconciliation for aging commissionable revenue to critical reporting of non-commissionable channels. With more than 25 years of experience in this specialized area, CTS Systems has developed in-depth relationships with more than 5,000 hotels globally to provide a seamless service to its clients.

About Corcentric
Corcentric is a leading global provider of best-in-class procurement and finance solutions. We offer a unique combination of technology and payment solutions complemented by robust advisory and managed services. Corcentric reduces stress and increases savings for procurement and finance business leaders by forming a strategic partnership to diagnose pain points and deliver tailor-made solutions for their unique challenges. For more than two decades, we've been a trusted partner who delivers proven results. To learn more, please visit www.corcentric.com.

Media Contact for Corcentric:
Rob Tacey
Director, Communications & Public Relations
[email protected]
(302) 897-3094