Finexio, a B2B accounts payable (AP) Payments-as-a-Service company, unveiled its NextGen platform, equipped with an artificial intelligence (AI)-powered supplier enablement framework.
The NextGen B2B payments platform prioritizes user-centricity, Finexio said in a Monday (Oct. 23) press release. It offers a streamlined approach to managing payables and adapting to current and future financial ecosystems.
One of the features of the platform is self-healing payment management, a system that automatically corrects itself to ensure smooth payment flows and timely financial operations, according to the release.
Another feature is transparent payment tracking, which provides users with real-time insight into the status of each payment, the release said. Transparency throughout the payment process enables control and informed decision-making.
The NextGen platform also offers an effortless workflow, simplifying the payment processing experience with a job-based workflow, per the release.
Flexibility is a key aspect of the NextGen platform, as it seamlessly connects with multiple banking and processing partners, according to the release. The platform is ready for future integrations through application programming interfaces (APIs) or batch configurations.
Reliable processing is a fundamental component of the NextGen platform, the release said. Finexio’s fraud detection ecosystem, which includes bank account verification service (AVS), Office of Foreign Assets Control (OFAC) sanctions screening, know your customer (KYC) screening, anti-money laundering (AML) compliance and transaction monitoring, mitigates fraud and reduces payment risk between buyers and suppliers.
The NextGen platform also harnesses AI to transform supplier interactions and payment processing, per the release.
“Our AI approach to understanding supplier payment preference is the engine propelling our supplier enablement business forward, enabling industry-leading virtual card and electronic adoption rates,” Finexio Chief Strategy Officer Chris Wyatt said in the release.
In the drive to modernize accounts payable, payments should come first, Finexio Chief Commercial Officer Bill Fox told PYMNTS in an interview posted in August. That approach reduces the attack vectors and vulnerabilities where bad actors might be able to disrupt operations or divert payments.
In addition, AP Payments-as-a-Service lets firms outsource their security and compliance functions, Fox added.
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