Invoiced Launches B2B Invoicing Network to Streamline Accounts Payable Process

Austin, Texas, platform operator Invoiced has launched a business-to-business (B2B) invoicing network, expanding its solution from accounts receivables to accounts payables (AP).

According to Jared King, CEO at Invoiced, “no matter how well you structure it, the conventional AP process includes many tedious steps that must be done manually. By building an intuitive and comprehensive tool that solves invoicing and payment challenges, we’re giving businesses the tools they need to send invoices and make and receive payments within minutes.”

Invoiced’s AP solution automates all aspects of payments, reporting and approvals and enables users to enhance payment security, compliance and controls. The vendor verification process also reduces fraud and vendor impersonation.

The new B2B invoicing network will allow buyers to see their past payments and outstanding invoices and pay by credit card, wire or ACH. It also features a buyer portal that shows the status of payments and invoices. Additionally, buyers receive automated payment reminders that inform them about upcoming dues and provide quick payment options.

This launch comes at a time when CFOs are looking for ways to make accounts receivable (AR) processes more transparent to boost their customers’ lifetime value. According to PYMNTS research, 70% of CFOs said that transparency in AR processes would help them achieve this goal.

In May, B2B payments firm Balance announced the addition of features to its platform about six months after the company received a $350 million credit facility to boost its financing capabilities.

The company has added an enhanced dunning management solution to its B2B payments platform, which includes automated payment collection and a portal that shows the status of payments and invoices.

As Balance Vice President Product Nir Gazit stated, “This solution, along with our existing reconciliation capabilities, further strengthens our ability to provide a comprehensive suite of Account Receivables Management solutions that cater to all of our merchants’ needs.”