CPO Rising’s Technology Round-Up series continues this week with a special “Accounts Payable Edition,” featuring technology news — including several provider 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!
HighRadius Announces First-Ever Finance Team-Centric Accounts Payable Solution
HOUSTON — HighRadius announced the launch of Accounts Payable Automation, the industry’s first GenAI native solution, to automate the entire payer-supplier payment process.
The company stated that AP teams have been working with traditional, one-way applications intended to reduce manual processes and save costs. However, these haven’t helped suppliers, who get limited payment visibility and must log in to multiple supplier portals. Supplier relationships have deteriorated, especially when AP processes have moved offshore.
Using HighRadius’ GenAI-powered Accounts Payable Automation’s Supplier Connect product, suppliers will get immediate responses to their queries, including clear details on the status of their payments and guidelines for any actions required. The product can transform AP teams with improved supplier retention and reduce costs by eliminating manual, repetitive tasks.
According to Sashi Narahari, founder and CEO of HighRadius, “In my conversations with over 100 Global Business Service owners in the last 12 months, I kept hearing them say that AP processes have been neglected, still relying on outdated software and leaving the key stakeholders — suppliers and AP teams — dissatisfied,” he said.
“Our goal is to use GenAI to enable lean AP teams to serve satisfied suppliers at low costs, without offshoring,” Narahari added.
Read the full announcement here.
Corcentric to Streamline Travel Booking Processes for CTS Systems with Managed Accounts Receivable Services
CHERRY HILL, N.J. — Corcentric, a leading global provider of best-in-class procurement and finance solutions, announced it will provide Managed Accounts Receivable (AR) services to CTS Systems, a preeminent data management company in the travel management field.
The company stated that 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.
According to Carl Roberts, founder and president at CTS Systems, “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,” he said.
“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,” Roberts added.
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.
Matt Clark, president and CEO at Corcentric, noted, “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. The same is true of those operating within the corporate travel and booking industry,” he said.
“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,” Clark added.
Read the full announcement here.
Basware Acquires AP Matching
London, UK & North Carolina — Basware, a global leader in AP automation and invoice processing, announced it has acquired AP Matching.
Basware stated that the acquisition will expand its market offering, bringing accurate financial data and increased cost savings to the entire invoice processing cycle. It will go beyond traditional AP (accounts payable) automation and solve a critical pain point for finance and accounting teams: ensuring the accuracy of financial records through automated statement reconciliation.
Based in the UK, AP Matching (formerly Statement Matching) is a provider of cloud-based solutions for managing invoices and reconciling statements. Its platform reconciles buyer and supplier statements and delivers matched invoices to customers’ enterprise resource planning (ERP) or source to pay (S2P) systems, requiring minimal input from the AP team.
According to Jason Kurtz, CEO of Basware, “CFOs often struggle to oversee the complexities of invoicing processes end-to-end, which can lead to erroneous payments slipping through the gaps. The repercussions of failure in statement reconciliation is money lost from a company’s P&L (profit and loss statement). But it can be fixed and automated,” he said.
“We’re excited to combine forces with AP Matching, so that CFOs can enhance their AP automation processes and increase the accuracy of financial recording. We’re on a mission to unlock the future of finance and provide the best end-to-end technology to drive value for our customers. With AP Matching, we will do just that,” Kurtz added.
The announcement follows Basware’s acquisition of Glantus in October 2023, a company that specializes in invoice analysis to prevent overpayment and fraud.
Read the full announcement here.
Corpay to Acquire Paymerang
ATLANTA — Corpay, Inc., a leading corporate payments company, announced it has signed a definitive agreement to acquire Paymerang, a leader in accounts payables automation solutions. The acquisition expands Corpay’s presence in four attractive vertical markets: education, healthcare, hospitality, and manufacturing.
The transaction is expected to close in the second quarter of 2024, subject to regulatory approval and standard closing conditions.
According to Ron Clarke, chairman and chief executive officer for Corpay, Inc., “This acquisition is right in our wheelhouse and exactly the kind of transaction we find most attractive. It’s a business growing over 20%, within Corporate Payments, where we can accelerate growth and profitability,” he said.
“It will help us sell more in several large verticals where Paymerang has a strong position with satisfied customers, ERPs and partners.”
Paymerang adds over 250,000 merchants to Corpay’s existing merchant network of over 1 million vendors, and together the businesses will process $120 billion in annual spend.
Read the full announcement here.
TranscendAP Launches as New AP Automation Company
LAWRENCEVILLE, NJ — TranscendAP, Inc., a specialist in accounts payable (AP) automation solutions, announced it is operating as a newly formed company. Formerly a business unit of Optima Global Solutions, TranscendAP has supported an array of mid-market to large enterprises since 2018, automating all aspects of their AP operations with its software.
The company stated that the new TranscendAP and its namesake technology platform will build on the proven success of delivering AP automation solutions. The latest version of TranscendAP integrates artificial intelligence, machine learning, and extensive functionality that drives team efficiency and cost effectiveness.
According to Jeff Weinstein, co-founder and CEO of TranscendAP, Inc., “We are excited about the launch of TranscendAP as a new company,” he said. “Building on the hard work of our team, innovative technology, and diverse customer base, the market opportunity for TranscendAP is vast, especially as we innovate around AI, machine learning, and advance workflow functionality across our platform.”
Founded in 2001, Optima Global Solutions provides IT services and consulting resources to help progressive organizations automate their internal business processes, most notably accounts payable (AP) operations. The company’s software, TranscendAP has been trusted by enterprises to support all aspects of the invoice-to-pay lifecycle. Through this success, Optima Global Solutions teamed with Jeff to launch TranscendAP as a new venture to focus on addressing the growing needs of the AP automation market.
The TranscendAP platform provides a fully-configurable and robust invoice-to-pay platform to manage all aspects of AP operations. It includes intelligent, AI-driven document capture, automated 2, 3, & 4-way PO matching, sophisticated exception handling and escalation, real-time ERP Integration, and a self-service supplier portal.
Read the full announcement here.
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