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!
Metafile Debuts New MetaViewer 7 with Touchless Invoice Processing
Metafile Information Systems, the Minnesota-based provider of paperless document management software applications, has this week launched MetaViewer 7, the latest version of its document management/paperless automation solution. The new solution features touchless invoice processing for Microsoft Dynamics AX/365 and GP. MetaViewer 7 brings robotic process automation (RPA) capabilities that will run tasks automatically to process purchase order (PO) documents and route them through workflow steps (based on pre-determined rules). This will help to keep processes streamlined, and reduce human intervention. Built on the Windows Workflow Foundation, MetaViewer 7 will offer more configuration capabilities and more efficient functionality. Touchless Invoice Processing matches POs in users’ Microsoft Dynamics solution and runs through a set of evaluation rules to determine whether the PO matches corresponding documents within the system. The PO is then routed directly to the Microsoft Dynamics solution, where the system will automatically run rules against the corresponding invoice within Dynamics to check for any issues.
NACHA Acquires Business Payments Directory Association
NACHA, the non-profit organization that manages the development, administration, and governance of the ACH Network, recently announced that the Business Payments Directory Association (BPDA) will become an independent, member-led, self-governed group under the NACHA organization. The union will align the efforts of the two organizations to facilitate business-to-business (B2B) payments through development and deployment of a B2B Payments and Remittance Directory. Back in August, the BPDA began work on a platform for a B2B Directory that would be built on Blockchain technology. The alliance between the two groups will help support and advance the effort to ensure rapid delivery to the industry. NACHA works to enable solutions that will support the routing, posting, and application of ACH and other payments, particularly in the B2B environment. Aligning with BPDA will allow NACHA to develop and deliver such a solution, leveraging the recognized work and expertise of BPDA. The B2B Directory will be structured as a network of credentialed service provider “sub-directories,” in which trusted and validated payee information will be stored. Service providers will allow access to stored electronic payment information, like ACH and other payment methods. The platform will leverage open source technologies, blockchain/distributed ledger technology and standardized Application Programming Interfaces (APIs).
eInvoicing Provider Cortex Acquires Powervision
Ardent Partners has learned that Cortex Business Solutions, a Canadian-based network-as-a-service eInvoicing solutions provider, has announced the acquisition of Powervision Software Inc., an electronic document and workflow management software provider. Cortex has agreed to acquire all of the issued and outstanding common and preferred shares of Powervision for a purchase price of $7 million. Powervision’s AP workflow product crosses multiple verticals throughout Canada, from finance to oil and gas. Cortex and Powervision have been strategic partners, with many Powervision customers already on the Cortex Network. This acquisition will help strengthen and expand Cortex’s position as a digital document platform across North America. Combining Cortex’s eInvoicing service with the expanded workflow and document management offerings of Powervision, will allow Cortex to provide its customers with a single source for its solution.
Beanworks Raises $10.1 Million in Latest Round of Funding
More news out of Canada, as Vancouver-based Beanworks, an AP automation provider for mid-market companies, has recently raised a $10.1 million Series B round of funding. This round was led by FINTOP Capital, and had participation from BDC Capital’s Women in Technology Fund, which only invests in Best-in-Class, women-led technology companies. Beanworks, which was founded in 2012, offers a solution that allows accountants to code invoices automatically, cutting down on the process of manually entering invoice data. This round of funding comes a year after Beanworks began a strategic partnership with Sage Software as its exclusive AP automation provider. Beanworks will use the recent investment to further enhance its platform, release an expense module and expand into new global markets.
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