B2B Payments

Taking AP Automation to the Cloud

Kofax Limited, a leading provider of applications for the business critical First Mile of customer interactions, announced a new release of Kofax AP Agility, a smart process application (SPA) built on the Kofax TotalAgility platform. This adds best practice accounting processes and advanced analytics capabilities.

AP Agility’s analytics let business users to assess their accounts payable processes, measure staff productivity levels, view the status of invoices being processed and assess spend management. Users can also view available discounts and late payments, assess supplier activity, invoice volumes and expenditures and identify duplicate invoices and approval violations.

AP Agility features a comprehensive range of capabilities:

  • Accepts invoices in a variety of formats, including paper, electronic invoices, faxes, emails, web portal submissions and XML and EDI data streams
  • Extracts business critical invoice data and validates it against ERP system data
  • Provides configurable matching rules to reconcile the inevitable exceptions that occur between invoices, purchase orders and receipts
  • Includes a pre-built framework to integrate with any on premise or cloud based accounting or ERP system while offering out-of-the-box integration with Microsoft Dynamics AX

According to research, organizations with high levels of AP automation save 39% of invoice processing costs and enjoy 15-20% faster processing times compared to peer groups that use manual processes.

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NEW PYMNTS STUDY: LEVERAGING THE DIGITAL BANKING SHIFT – SEPTEMBER 2020  

The September 2020 Leveraging The Digital Banking Shift Study, PYMNTS examines consumers’ growing use of online and mobile tools to open and manage accounts as well as the factors that are paramount in building and maintaining trust in the current economic environment. The report is based on a survey of nearly 2,200 account-holding U.S. consumers.

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