PYMNTS MonitorEdge May 2024

40Seas Launches AI-Powered Global Accounts Receivable Platform

40Seas, accounts receivable, AI

40Seas has launched a Global Accounts Receivable platform that is powered by artificial intelligence (AI) and centralizes invoice data in a single dashboard.

The platform can also help companies streamline the reconciliation process, collect payments and offer extended payment terms to their customers, the company said in a Monday (June 17) press release.

“The launch of our Global Accounts Receivable platform represents the latest step in our mission to digitize and streamline key steps in B2B global trade,” Eyal Moldovan, co-founder and CEO of 40Seas, said in the release.

With invoice data centralized in a single dashboard, companies can more easily track payment statuses, manage due dates, expedite invoice approvals and mitigate the risk of payment delays, according to the release.

When the accounts receivable (AR) platform is connected to a company’s enterprise resource planning (ERP) system or accounting software, the company can benefit from a streamlined reconciliation process that matches invoices with purchase orders and delivery receipts in real-time, the release said. Companies can also collect payments via credit card, direct debit or digital wire transfers in different currencies.

With the platform’s ability to help companies offer extended payment terms of up to 90 days to their customers, companies can do so without absorbing any credit risk, per the release. 40Seas leverages data-driven technology to verify creditworthiness, assess risk and process financing.

Together, these capabilities of the Global Accounts Receivable platform are designed to replace manual AR processes that are prone to errors and that undermine productivity, Moldovan said in the release.

“In today’s increasingly congested supply chain landscape, improving cash flow management through automation is an absolute prerequisite for longevity,” Moldovan said. “Our real-time tracking enables companies to easily monitor invoice statuses, identify bottlenecks, optimize workflows and drive business growth.”

40Seas emerged from stealth in January 2023 with the announcement of an $11 million seed funding round complemented by a $100 million credit facility for exporters and importers.

The company’s first offering was a platform for cross-border trade financing designed to facilitate access to finance for small- to medium-sized businesses (SMBs) and “make life easier” for both importers and exporters.

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