Ardent’s P2P Technology Round-Up returns today with another assortment of ePayables, procure-to-pay (P2P), and B2B payment solution provider news and updates from the past week. If you are an Accounts Payable (AP), B2B payments, or spend management solution provider and you have news to share with us, please drop us a note at editor at cporising dot com. Thanks, and enjoy!
Basware Introduces “Smart PDF” for Invoices
Basware, the financial supply chain provider headquartered in Finland, is introducing what it is calling a smarter way to capture data from PDF invoices automatically, and more accurately. Basware’s Smart PDF invoice capturing service will extract data from any machine-readable PDF, which should create a completely touchless invoice automation process. Suppliers can email PDF invoices directly from their ERP system to Basware. Basware customers will be able to receive those invoices in their preferred format and without any need for a process change. The smart invoice capturing service will utilize a range of technologies that include deterministic algorithms, machine learning, and OCR. Basware states that PDF invoices that are machine-readable will be able to have data extracted without the need for OCR technology. But any invoices are not machine-readable will automatically be routed to the OCR process.
Tradeshift Raises $250 Million in Series E Funding
Tradeshift, the California-based provider of supply chain payments and marketplaces for over 1.5 million businesses globally, yesterday announced that it is raising $250 million in Series E funding. This round of funding was led by Goldman Sachs and Public Sector Pension Investment Board (PSP Investments). This new round of financing brings Tradeshift’s total funding to more than $400 million, and a company valuation of $1.1 billion. It comes on the heels of Tradeshift’s launch of Tradeshift Pay, a blockchain-based end-to-end supply chain payments and finance solution for B2B commerce. We discussed Tradeshift Pay with Tradeshift CEO Christian Lanng and wrote about it here.
Sage Partners with PayPal to Make Payments Easier for SMBs
Sage, a provider of cloud-based business management solutions, has announced a new partnership with global payments provider PayPal, to enable faster and simpler payment options for SMBs. Sage, which is headquartered in the UK, will integrate PayPal into its platform, which will enable businesses using Sage 50cloud to pay invoices via PayPal. Companies will be able to begin accepting payments from their business customers that pay with PayPal by creating a PayPal business account. Once a business account is set up, Sage 50cloud customers will be able to take payments on invoices right away.
SWIFT Partners with EFiS to Increase Payments Presence across Europe
Interbank payments messaging firm, SWIFT, this week announced it has been selected by global payments logistics service provider, EFiS, to provide a faster payments connectivity network across Europe. EFiS will be using SWIFT to connect its customers into the Eurosystems’ TIPS network and EBA Clearing’s RT1 network. These networks are a part of Europe’s initiative to develop and introduce a new service for the settlement of instant payments, which will allow citizens and organizations to make payments anywhere within the Eurozone in a matter of seconds. The partnership between SWIFT and EFiS should allow for EFis banking customers in Europe to do exactly that. Later this year, SWIFT will launch another messaging service that will provide organizations with a single gateway to connect seamlessly to the different instant payment systems in Europe and enable them to make instant payments.
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