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 Partners with Xerox on Scan and Capture Operations
Basware, the global provider of P2P solutions with global headquarters in Finland, recently announced that it has selected Xerox, a global corporation that sells print and digital document solutions, to operate its scan and capture operations. Xerox will manage the more than 24 million invoices that come through Basware’s scan and capture services operation annually, and provide a solution for Basware customers needing to process paper and email invoices. Xerox is able to deliver technology and services in the document capture field, with multilingual capability. This partnership continues Basware’s commitment to enabling manual to digital transformation for its customers.
Tradeshift Partners with MakerDAO to Speed Up Payment Process
Tradeshift, the California-based provider of supply chain payments and marketplaces for over 1.5 million businesses globally, has recently partnered with cryptocurrency provider, MakerDAO to expedite the payment process for small businesses. MakerDAO is the company behind DAI, a decentralized stablecoin based on the Ethereum Blockchain. For clarity, a stablecoin is a “price stable cryptocurrency”, which is pegged against a normal form of currency, typically USD. One advantage of stablecoins is that they are a hedge against volatility. DAI achieves stability via an open smart contract platform that allows anyone to lock up assets as collateral and issue DAI against them. Through this partnership, the DAI stablecoin is now being tested with the Tradeshift Cash solution in a bid to tokenize the unpaid invoices of small businesses. It will combine Tradeshift’s business commerce platform with the stability and security of the DAI Credit System, and establish a supply chain liquidity marketplace. Businesses will be able to create real-time short-term financing models backed by anything from institutional finance to peer lending.
Automation Anywhere Raises $250 Million in Series A Funding
Automation Anywhere, a developer of Robotic Process Automation (RPA) software, recently announced it has completed its Series A financing round of $250 Million, which is one of the largest rounds on record for an enterprise software company. The funding was led by New Enterprise Associates (NEA) and Goldman Sachs Growth Equity. This investment brings Automation Anywhere’s post-money valuation up to $1.8 billion. Automation Anywhere, which is headquartered in San Jose, California, will look to extend its leadership and accelerate its global customer engagements and product development. Automation Anywhere’s Intelligent Digital Workforce Platform combines cognitive automation and analytics.
XMBC Connects Supply Chain Finance and Blockchain
The XMBC project, which is dedicated to solving the financing difficulties for small and medium-sized enterprises, officially launched blockchain products that are based on smart contracts and integrated with Internet finance. The announcement was made at the 2018 Global Blockchain Summit in Russia earlier this month. The blockchain technology platform of XMBC with layered design adopts a series of technical security system construction, which can ensure the isolation between the application and the core platform. The application scenarios include digital asset trading, smart contracts, Internet of Things, supply chain finance, and new retail payment systems.
AvidXchange Opens Second US headquarters
Charlotte-based AvidXchange, a provider of invoice automation and payment processes for mid-market companies, has recently announced it opened a second headquarters in Sandy, Utah. The second headquarters is part of a $35 million expansion, and includes 30,000 square-foot operations center. The new headquarters continues a trend of growth for AvidXchange, which also includes a $300 million partnership with MasterCard, and the acquisition of Arriet, a Massachusetts-based Procure-to-Pay solution provider that targeted mid-market enterprises.
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