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!
Yooz Enters Strategic Partnership with SnapCheck
Yooz, the global P2P solution provider with North American headquarters in Texas, has this week announced that it will enter into a strategic partnership with SnapCheck, a digital payment solution provider based in California. The Yooz solution Yooz offers Financial Intelligent Automation (FIA) accounts payable solutions to help businesses automate and streamline their AP workflow. The solutions are utilized and leveraged by small, mid-market, and Fortune 500 companies. SnapCheck offers digital check payments to businesses. Both the Yooz and SnapCheck platforms can integrate with most financial solutions and ERPs for a complete end-to-end procure-to-pay (P2P) workflow. Through the combination of Yooz’s invoice management automation platform and SnapCheck’s instant digital check payments, businesses can achieve an entirely paper-free back office.
Cortex Introduces New Invoice Approval Technology
Cortex Business Solutions (Cortex), a North American network-as-a-service complete document management & e-invoicing solutions provider, this week announced the launch of a proprietary document workflow solution, the “Intelligent Invoice Approval” (IIA), for the automatic routing and approval of procure-to-pay business documents. The cloud-based IIA product will complement Cortex’s existing eInvoicing platform, and move documents through the routing and approval phases. The IIA uses a multi-level approval method for the decision of processing and uploading documents into the ERP system. The service will be customizable form an entry-level approval module to a full enterprise solution.
Citizens Reserve Launches SUKU, a Blockchain-based Supply Chain Platform
In Blockchain news, Citizens Reserve, a company founded by two Deloitte consultants who headed up the firm’s Blockchain practice, announced the release of SUKU, their Blockchain-based supply chain management platform. SUKU is a decentralized network that will leverage both the ethereum and quorum Blockchains in an effort to provide buyers and suppliers with real-time data on the location of goods traveling through various supply chains. It also features a “permissioned marketplace” with an integrated bid-and-purchase capability (quorum), as well as a smart contracts capability (ethereum) that, together, provides users with a buyer/supplier network, or as Citizens Reserve calls it, “supply chain-as-a-service.” Citizens Reserve is already being offered as a marketplace for the defense industry, which is in itself a highly distributed supply chain requiring robust security and trust protocols.
MasterCard Receives Patents for Blockchain-based B2B Platform
Card giant, MasterCard recently announced via the U.S. Patent and Trademark Office that it has won several patents for its Blockchain technology solution that it has been offering via its API. Through the MasterCard Blockchain technology, payment details are only shared between transaction participants and provide a fully auditable ledger of those transactions. In September 2017, when MasterCard applied for its patents, it had integrated its Blockchain with their payment network of 22,000 financial institutions. This combination offers partners more flexibility, while also providing a safer and more secure solution. MasterCard announced last year that it would initially implement the technology in the B2B space, with the hope that it would complement their existing capabilities, like their virtual cards, to support cross-border, B2B payment flows.
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