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, 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!
Nvoicepay Partners with Inspyrus on End-to-End AP Automation Solution
Sovos Acquires TrustWeaver to Expand eInvoicing Compliance
Coupa Partners with AppZen to Extend Audit Capabilities
Flywire and Billtrust Partner to Accelerate Cross-Border Payments
Nvoicepay Partners with Inspyrus on End-to-End AP Automation Solution
Nvoicepay, an Oregon-based provider of payment automation software, and Inspyrus, the San Francisco-based invoice automation and dynamic discounting provider, announced a joint technology partnership to deliver a unified solution for invoice and payment processing. The Ardent ePayables Team met with the CEOs of both companies to discuss the new partnership (you can read up on that discussion by clicking here). Nvoicepay manages all B2B payments for its enterprise customers and helps them mange all of their payments with a streamlined and automated process solution. Inspyrus offers an eInvoicing solution that is integrated with all of the major ERP systems, but had not found a way to cover the payments aspect of the AP process. The two companies together will offer a unified solution, called Inspyrus Total Pay (powered by Nvoicepay), that will help deliver automated invoice payments (ePayments) to suppliers, and continually drive electronic payment adoption.
Sovos Acquires TrustWeaver to Expand eInvoicing Compliance
Sovos, a global provider of tax compliance and reporting software, recently announced the acquisition of TrustWeaver. TrustWeaver, which is headquartered in Stockholm, is a provider of cloud-based invoicing compliance, auditing, and global Value-Added-Tax (VAT) services through electronic signature-based solutions. The acquisition will extend Sovos’ eInvoicing coverage to 60 countries globally. It will also likely build on the success Sovos has had in Latin America, where eInvoicing has been used to close VAT collection gaps. TrustWeaver has grown due to technology-driven tax compliance, and has offered a compliance-as-a-service in more than 60 financial systems (included SAP, IBM, and Coupa). Sovos has been actively working to acquire solutions for eInvoicing in every region, so the TrustWeaver acquisition was a natural extension of that strategy.
Coupa Partners with AppZen to Extend Audit Capabilities
As of yesterday, AppZen, a California-based solution provider that utilizes artificial intelligence (AI) to automate expense report audits, is now a partner in Coupa Software’s CoupaLink program. The CoupaLink program allows technology partners to create software solutions that integrate directly with Coupa and become available for Coupa customers. Coupa has been looking to diversify its collection of API solutions that allow businesses to streamline spend management processes, and drive value across areas, including Travel & Expense (T&E) and invoicing. The AppZen platform is now available through CoupaLink; and the integrated API approach will help Coupa customers adopt T&E and invoicing solutions. They will be able to drive T&E compliance and fraud detection in real time, reduce auditing costs, and shorten the review and payment cycle.
Flywire and Billtrust Partner to Accelerate Cross-Border Payments
Flywire, a provider of international payment and receivables solutions with headquarters in Boston, has recently partnered with Billtrust, a New Jersey-based provider of a cloud-based B2B payment cycle management suite of solutions that will aim to streamline the receipt of international payments. Billtrust customers will receive an integration solution that will add international payment processing and receiving capabilities from Flywire, with Billtrust’s automated invoice delivery and payment services. Flywire’s receivables network and processing platform allows users to manage everything from bill and payment through reconciliation. This new offering will help customers more easily collect international payments by lowering the cost of international wire fees, and eliminating manual posting of cross-border payments.
ABBYY Launches Text Analytics
ABBYY, a provider of document capture and optical character recognition (OCR) technology solutions, has recently launched ABBYY Text Analytics for Contracts, a managed service that utilizes AI to automatically “discover” important information within contracts and leases. This service will pinpoint sections, clauses, and facts for systems of record or other business processes to help drive informed and accelerated decision-making. The level of insight is achieved using ABBYY’s comprehensive natural language processing (NLP) technology, which combines syntax, semantics, pragmatics, and machine learning to identify sections, target specified entities, and understand complex structures. It provides a high level of accuracy and customization, and can be accessed through an intuitive interface.
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