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!
MineralTree Announces Enhancements to AP Automation Solution
MineralTree, a Massachusetts-based ePayables and payment automation provider, has recently announced new features to its Invoice-to-Pay solution. These updated features include automated purchase order matching, which uses advanced pattern matching techniques to automatically compare invoices against POs, eliminating the risk of paying for goods or services not received. There is also automated payment scheduling functionality for approved invoices. Accounts Payable managers will be able to schedule payments to optimize cash flow and eliminate fess associated with late payments. MineralTree is also announcing a new automatic early-pay discount feature that will allow customers to see the benefits of vendor discounts. These new additions should help raise efficiency, deliver new working capital benefits, and enhance security for mid-market businesses.
Global eTrade Services Launches Cross-Border Blockchain Platform
It was also announced recently that Singapore-based Global eTrade Services (GeTS) is using blockchain technology to connect businesses across Southeast Asia. The new technology is called Open Trade Blockchain, and GeTS plans to position it as a new global platform that will facilitate trade throughout Asia and provide greater connectivity with China’s “Digital Silk Road” – the country’s network of communications throughout Southeast Asia. GeTS plans to make the OTB platform as user-friendly as possible to reach mass adoption quicker. Users will use a drag and drop interface that adds simplicity to trade. The companies will also be able to use APIs to allow their partners to use their own legacy systems.
Chrome River Targets European Expansion with New Germany Office
Chrome River, the California-based provider of expense and invoice management solutions, has announced the opening of a new regional office for mainland Europe in Munich, Germany. Chrome River is now scaling up its business presence across Europe, as the company had previously run its EMEA operations through one central office in London. This expansion establishes operations to enhance customer support and further drive growth across the continent. The Chrome River solution is now available in 24 European languages and is used by business travelers in every European country. Through its relationship with PwC (which Ardent covered here), Chrome River is also able to offer unparalleled capabilities for global tax compliance for employee expenses.
DivvyPay Raises $35 Million in Latest Round of Funding
DivvyPay, the Utah-based corporate spend management platform startup, recently announced a $35 million Series B funding round, with the investment led by New York-based Insight Venture Partners. This latest round brings the company’s total funding to $57 million and will be used to continue customer adoption and growth. DivvyPay, which launched its first product from beta just six months ago, provides an end-to-end solution for budgeting and expense reporting with real-time tracking for every business transaction. The DivvyPay solution provides visibility and streamlined reporting across T&E, procurement, and for the issuance of corporate credit cards.
CloudTrade Closes £2 Million in First Round of Funding
It was announced last week that CloudTrade, a London-based provider of eInvoicing services, has completed its first investment round, and secured £2 million from venture capital and private equity firm Calculus Capital. The funds will be used to help CloudTrade accelerate the expansion of its services in the US and EMEA. Funding will also be used to increase team expansion and deepen the research and development of CloudTrade’s solution. CloudTrade offers a growing eInvoicing network that currently connects over 200 organizations to thousands of trading partners. The CloudTrade core platform utilizes rules-based technology with backward tracking search to interpret and validate documents. These include invoices, sales and purchase orders, and advanced shipping notices.
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