CPO Rising’s Technology Round-Up Series returns today with fresh supply management technology news and updates covering a few recent major announcements. If you are a sourcing, procurement, or spend management solution provider and you are continually innovating the way that procurement and supply chain leaders and practitioners drive value, we’d love to hear from you. Please drop us a note at info at cporising dot com. Thanks, and enjoy!
Corcentric Launches Its Managed AR Solution in France
CHERRY HILL, N.J. — Corcentric, a leading global provider of best-in-class procurement and finance solutions, announced the launch of its Managed Accounts Receivable (AR) solution in France. The Managed AR solution provides technology, trade finance, and skilled people in turnkey fashion to help customers reach a variety of essential company goals.
The company stated that its 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 can liberate working capital trapped in an AR ledger — giving customers the cash and peace of mind needed to grow a business.
According to Xavier Pierre-Bez, VP of Business & Operations, EMEA South at Corcentric, “Accounts receivable teams cannot afford to be bogged down by repetitive manual invoice deliveries and follow-ups, especially in today’s economy,” he said.
“Corcentric’s Managed AR gives companies the freedom to drive strategic growth — eliminating issues that have long plagued AR departments, keeping teams focused on where they can provide the most value, while improving the customer experience and collection speed. And with new e-invoicing regulations taking effect next year in France, Corcentric’s Managed AR services will play a critical role for companies doing business throughout the region and around the globe,” Pierre-Bez added.
With Corcentric’s Managed AR solution, customers can:
- Simplify invoice delivery — one channel to Corcentric for all AR invoicing.
- Immediately and permanently reduce DSO — customers pick when they want to get paid for every invoice and Corcentric will pay in full, guaranteed.
- Eliminate collections risk — Corcentric pays all customer invoices on time, every time – no bad debt or credit risk. Plus, a non-recourse agreement ensures customers are never liable for late payments.
- Liberate working capital — the unlocked working capital in a customer’s AR ledger becomes cash on the balance sheet, ready to be used to improve liquidity and/or fund growth.
Read the full announcement here.
Esker Partners with Boost Payment Solutions to Revolutionize Virtual Card Processing
MIDDLETON, Wis. and NEW YORK, N.Y.— Esker, a global cloud platform and leader in AI-driven process automation solutions for finance, procurement, and customer service functions, announced it has partnered with Boost Payment Solutions, an innovative leader in optimizing the use and acceptance of commercial cards in the business-to-business (B2B) landscape.
Esker stated that this first-of-its-kind partnership aims to transform virtual card processing for accounts receivable (AR) departments — eliminating tedious manual efforts and streamlining payment reconciliation. By harnessing Esker’s cutting-edge automation technology with Boost Intercept® — Boost’s straight-through processing (STP) solution — this partnership brings unparalleled efficiency and simplicity to the virtual card acceptance process.
According to Dean M. Leavitt, founder & CEO of Boost Payments Solutions, “Partnering with Esker for our virtual card processing solution was an easy decision. Being backed by a proven track record of excellence, Esker was an ideal choice for this partnership,” he said.
“We are thrilled to pair our award-winning technology with the well-established Esker Pay suite to create a fully passive acceptance experience. Esker’s unwavering commitment to finding the best technology for its customers mirrored our own values, ensuring a seamless and rewarding partnership for all parties involved.”
Read the full announcement here.
REPAY Partners with Quadient to Enhance AP Automation Platform
ATLANTA — Repay Holdings Corporation, a leading provider of vertically-integrated payment solutions, announced a new partnership with Quadient, a leader in helping businesses create meaningful customer connections through digital and physical channels. The partnership enhances the Quadient AP automation solution by offering their customers REPAY’s embedded payment capabilities.
The company stated that through its integration with REPAY, companies using Quadient’s Accounts Payable automation solution can securely pay vendor and supplier invoices using digital payment methods, including virtual card, ACH, Enhanced ACH and Real-Time Payments (RTP), saving time and reducing costs while increasing visibility and control.
According to Darin Horrocks, EVP, Business Payments at REPAY, “Both Quadient and REPAY are committed to the ongoing evolution of embedded payment solutions that drive automation while simplifying and optimizing the accounts payable process,” he said.
“We’re thrilled to join forces with Quadient and look forward to working together on new ways to optimize payments and integrate our technologies for improved cash flow, streamlined internal processes, and increased customer and vendor satisfaction,” Horrocks added.
Read the full announcement here.
Mastercard and KredX Partner on B2B Payment Solution
Mastercard Incorporated MA has partnered with supply chain finance platform, KredX, to develop an innovative business-to-business (B2B) payments solution for enhancing the operational efficiency of businesses, according to a Yahoo Finance article.
According to Yahoo Finance, “The solution will be powered by Mastercard’s commercial payment solutions expertise and the proprietary technology of KredX with the ulterior motive to ease B2B digital payments for both enterprises and vendors.
“…Meanwhile, the payments solution will serve the purpose of a complete procure-to-pay offering for businesses, which, in turn, is expected to impart more efficiency in invoice matching and processing. In view of a rapidly growing digital economy, small businesses may often find it difficult to adopt digital means due to the dearth of finances and resources.”
Vic.ai Launches End-to-End Autonomous Finance Solution for Accounts Payable
NEW YORK — Vic.ai, a leading AI autonomous finance platform, announced the launch of Vic.ai Payments to complete its vision of delivering an end-to-end solution for accounts payable (AP) teams.
The company stated that Vic.ai Payments saves time, reduces risk, and improves cash flow by integrating all components of AP processing, from invoice to payment, into a single, end-to-end system powered by the industry’s most advanced artificial intelligence (AI).
Vic.ai Payments provides several additional benefits:
- Simplified experience: Customers can pay with virtual cards to take advantage of rebates and capture vendor discounts with early payments, or make partial payments to hold onto cash longer to earn more interest.
- Vendor relationship management: Vic.ai handles onboarding and payment optimizations on customers’ behalf based on vendor preferences and industry best practices.
- Seamless integration: Vic.ai’s integrations with major ERPs further reduces workload for AP and IT employees, alike. In turn, vendors benefit from the convenience, speed, and sustainability of electronic payments.
According to Alexander Hagerup, co-founder and CEO of Vic.ai, “Our customers wanted a solution that not only autonomously ingested, processed, and approved invoices, but also enabled one-click payments. And with Vic.ai Payments, we have delivered,” he said.
“We’re thrilled to continue helping our customers gain control over their cash flow throughout their invoice processing journey, turning their AP departments into profit centers and taking them another step closer to autonomous finance,” Hagerup added.
Read the full announcement here.
BILL Announces New Financial Operations Platform for SMBs
SAN JOSE, Calif. — BILL, a leader in financial automation software for small and midsize businesses (SMBs), announced the new BILL Financial Operations Platform for SMBs that integrates category-leading solutions across accounts payable (AP), accounts receivable (AR), and spend and expense management.
According to Irana Wasti, chief product officer at BILL, “In bringing AP, AR, and spend and expense management together, we are giving SMBs powerful control over their cash flow,” she said.
“By delivering ongoing innovation in our platform, BILL continues to transform the way SMBs and accountants use financial automation to succeed. We’ve pioneered a more integrated and comprehensive experience to give SMBs the ability to optimize and manage their financial operations in one place – helping them make the right financial decisions so their businesses can thrive,” Wasti added.
The BILL Financial Operations Platform now includes:
- BILL Accounts Payable automates the entire AP process to help SMBs simplify invoice entry by using data capture and AI to streamline approvals. It also provides flexible ways to pay, bringing efficiency and visibility to financial operations.
- BILL Accounts Receivable automates AR through invoicing, estimates, payment tracking, and collections so SMBs can get paid faster directly to a bank account via ACH and debit or credit cards.
- BILL Spend & Expense is an all-in-one spend and expense management solution that combines free software with corporate cards to provide SMBs with real-time visibility and customizable control over business finances. To simplify the experience for customers, today Divvy from BILL is being renamed BILL Spend & Expense. The features and capabilities of Divvy will remain, everything from setting budgets, to tracking spend, and getting access to the credit businesses need to grow.
Read the full announcement here.
Koverly Introduces Its BNPL Solution
WALTHAM, Mass. — Koverly, a global B2B payments solution providing payment flexibility alongside reduced foreign exchange rates, introduced its buy now, pay later (BNPL) solution to give a 30-day extension on FX payments at no cost to the buyer or seller.
The company stated that through the new KoverlyPay service, businesses also have the flexibility to further extend payments over four, eight, or 12 fixed weekly installments. Founded in 2021, Koverly has raised $7.6 million in seed funding from Accomplice VC, Vinyl Capital, and One Way Ventures to build the first payment platform that combines foreign currency and B2B cashflow management designed for international business trade, such as importing. Koverly is currently on target to originate $70 million in new loans over the next year.
According to Igor Ostrovsky, CEO of Koverly, “Inventory is the lifeblood for importing businesses, and it is directly impacted by cash flow,” he said.
“Our KoverlyPay offering for FX transactions is designed to give businesses enough extra working capital to unlock at least one additional inventory turn per year. For a typical importing business, this can boost annual profitability by 50%-100%. This is a game changer for global trade.”
Read the full announcement here.
Tagged in: Accounts Payable, AP Automation, Chief Procurement Officer, CPO, P2P, Solution Providers, Tech Round-Up, Technology
