This week, we’re featuring a technology news round-up with the latest provider announcements for accounts payable, procure-to-pay, and finance professionals.
If you are an AP, P2P, or finance solution provider and you are continually innovating the way that accounts payable and procure-to-pay leaders and practitioners drive value, we’d love to hear from you. Please drop us a note at editor at cporising dot com. Thanks, and enjoy!
Corcentric Launches Enhanced International Tax Management Engine for Accounts Payable Customers
CHERRY HILL, N.J. — Corcentric, a leading global provider of best-in-class procurement and finance solutions, announced an enhanced International Tax Management Engine designed to streamline geographic-specific tax calculations, while bringing broad global compliance services and document accuracy and automation to accounts payable (AP) customers.
The company stated that customers can set custom rules that enable automatic tax rate calculations tailored to their business practices and geographies throughout workflows, fully automating tax entries for both invoices and accruals.
According to Sudarshan (Suds) Ranganath, senior vice president of product management at Corcentric, “Our robust Tax Management Engine provides a complete solution for automating tax activities within the AP flow in countries across the globe, so customers can focus on strategic business initiatives,” he said.
“This service increases the speed of invoice processing and removes the time-consuming process of managing discrepancies. And with e-compliance reforms on the horizon, this will help customers avoid potential penalties for incorrect tax declarations,” Ranganath added.
Some key benefits of Corcentric’s International Tax Management Engine include:
Enhanced accuracy and efficiency
- Automates complex tax calculations to drastically reduce manual tasks, helping to ensure reliable accuracy across all transactions.
- Enables customers to handle tax computations with confidence, minimizing the risk of human error and freeing up resources to focus on core business activities.
Comprehensive global compliance
- Adapts to the evolving regulatory landscape, particularly in regions with strict e-invoicing and e-compliance mandates.
- Simplifies compliance with detailed configurations, allowing tax applications to reflect regional requirements down to each transaction’s unique context.
Broad support for diverse tax models
- Value-Added Tax (VAT) for global applications.
- Sales tax with tailored regional configurations.
Corcentric offers a full suite of managed AP solutions that combines service, technology, and financing to work as an extension of a customer’s back-office, optimizing end-to-end workflows.
Read the full announcement here.
Vic.ai Ushers in the GenAI Era for Accounting Teams with Two New Offerings
NEW YORK — Vic.ai, the leader in AI-driven accounting automation, announced the launch of its VicInbox™ and VicCard™ solutions — innovations that redefine how accounts payable teams operate by helping them streamline workflows, reduce errors, and make smarter, data-driven decisions.
The company stated that at the core of these innovations is Victoria, Vic.ai’s proactive AI teammate designed to elevate accounting operations. As the intelligence behind the Vic.ai platform, Victoria powers the Vic.ai APSuite™, which delivers autonomous workflows for invoice processing, PO matching, and approvals.
With VicInbox™ and VicCard™, Victoria’s capabilities expand further, bringing precision and efficiency to vendor communication and expense management.
1) VicInboxTM revolutionizes how AP teams manage their most common communication challenges, helping them reclaim valuable time while enhancing accuracy.
2) VicCardTM serves as the AI-first corporate card from Vic.ai, bringing new levels of control, compliance, and simplicity to corporate spending, enabling AP teams to manage expenses with real-time precision.
According to Alexander Hagerup, CEO and co-founder of Vic.ai., “Our mission has always been to empower accounting teams to do their best work by automating the repetitive and simplifying the complex,” he said.
“Since 2016, we’ve pioneered AI solutions that have delivered hundreds of millions in real, measurable ROI, saving our customers time and money. With these Q4 innovations, we’re expanding what’s possible — introducing an intelligent inbox to transform vendor communication and an AI-driven expense solution that eliminates the pain of managing expenses for everyone.”
Read the full announcement here.
Reeco Raises $15M Series A Funding
MIAMI — Reeco, a leading AI-driven procure-to-pay platform for the hospitality industry, announced it has secured $15 million in Series A funding. This investment will fuel the company’s strategic growth initiatives, including the accelerated advancement of the Reeco platform.
The company stated that the solution frees the industry’s back-of-house teams from Excel sheets, punchout systems, and GL coding with a unified system that seamlessly integrates every critical function. Users can purchase from any contracted vendor in just a few clicks and receive goods in record time, manage recipes to track real-time food costs, and automate inventory audits and invoicing. The Series A funding builds on a $10 million seed round, bringing Reeco’s total funding to $25 million.
According to Henrik Shimony, co-founder and CEO of Reeco, “This Series A funding reflects strong investor confidence in our vision to revolutionize procurement in the hospitality space,” he said.
“We’re witnessing unprecedented demand as operators recognize that modernizing their procurement and back-of-house operations is no longer optional — it’s essential to remain competitive in today’s market. With this funding, we’re enhancing our platform development to meet growing demand, expanding our technological capabilities while maintaining the exceptional service our customers rely on to transform their operations.”
The round was led by Aleph VC, with participation from Net Capital Ventures and Joule Ventures. The funding will support research and development, customer acquisition, the scaling of sales and marketing teams, and the delivery of new platform features.
Read the full announcement here.
Procurify Appoints New Chief Revenue Officer
VANCOUVER, British Columbia — Procurify, the leading AI-powered platform for procurement, accounts payable (AP), expense, and payment solutions designed for mid-market organizations, announced the appointment of Jeffrey Hardy as chief revenue officer (CRO). With an accomplished background in spend management software, Hardy is poised to accelerate Procurify’s growth and innovation across these markets.
According to Chad Gaydos, CEO of Procurify, “We are thrilled to welcome Jeffrey Hardy as Procurify’s new Chief Revenue Officer,” he said. “With extensive experience in procurement solutions and a stellar track record of driving success with Procurement, Finance and Operations teams across diverse industries and market segments, Jeffrey is uniquely positioned to lead our growth initiatives.
“His deep expertise and visionary leadership will be instrumental as we continue to redefine the market with innovative, value-driven solutions that empower our customers to achieve more,” Gaydos added.
The company stated that Hardy joins Procurify after a decade at SAP, where he held strategic roles across all GTM functions and operated across the Americas, Europe and Asia. Most recently, he was global head of strategic sales for SAP’s Intelligent Spend & Business Network portfolio, which included SAP Ariba, SAP Fieldglass, SAP Concur, and SAP Business Network.
Read the full announcement here.
FISCAL Technologies and Proservartner Forge Strategic Partnership to Revolutionize Financial Risk Management
READING, U.K. — FISCAL Technologies, a global leader in accounts payable risk management solutions, and Proservartner, a renowned business transformation consultancy, announced a groundbreaking partnership set to empower organizations with state-of-the-art solutions that enhance financial resilience, optimize working capital, and streamline operations.
The company stated that the partnership addresses critical financial challenges, such as payment errors, supplier fraud, and inefficiencies within Procure-to-Pay (P2P) processes. Together, they will deliver an unparalleled suite of tools and consultancy services designed to mitigate financial risks and unlock greater value for organizations.
According to David Griffiths, CEO of FISCAL Technologies, “Protecting business spend in today’s complex economic landscape requires innovation and collaboration,” he said.
“Partnering with Proservartner enables us to provide finance teams with the tools they need to thrive, even when resources are stretched thin. Together, we’ll redefine how organizations combat financial risk, increase efficiency, and maximize their impact.”
Read the full announcement here.
