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: ACCELERATING THE REAL-TIME PAYMENTS DEMAND CURVE – NOVEMBER 2020

About: Accelerating The Real-Time Payments Demand Curve:What Banks Need To Know About What Consumers Want And Need, PYMNTS  examines consumers’ understanding of real-time payments and the methods they use for different types of payments. The report explores consumers’ interest in real-time payments and their willingness to switch to financial institutions that offer such capabilities.

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