Veeva Systems, a provider of Cloud-based software for the life sciences industry, has announced the launch of Veeva Vault Payments, a new add-on application for Veeva Vault CTMS.

The new application manages the payment by automating payment tracking and complete financial visibility across clinical study partners. It also manages the reimbursement process to clinical research sites.

With the help of the new application, sponsors and CROs can now accelerate payments to clinical research sites and provide full transparency into payment status and schedules.

Veeva’s Vault Payments application is now live. Implementation of this application is already underway by three early adopter customers.

The company noted that all these processes will be managed within the company’s Vault CTMS workflow.

Veeva Vault CTMS senior director Henry Galio said: “The complexity and global nature of clinical trials have made site payments increasingly difficult.

“Veeva Vault Payments automates the payment process so sponsors and CROs can pay sites accurately and on-time.”

Through this application, customers can configure fee templates and schedules, make adjustments on-the-fly, and create payments for various sites in every country.

Veeva said in a statement: “Seamless integration with Vault CTMS enables sponsors and CROs to streamline and automate payment processes within their existing trial management activities and workflow to ensure sites get paid on-time.”

According to the company, the real-time reports generated by the application also give sites a complete view of all future payments.

Vault Payments forms part of the Veeva Vault Clinical Suite, a Cloud platform that combines CDMS, CTMS, eTMF capabilities.