B2B Payments

OpenInvoice Cuts The Friction From Paper Bills

B2B finance automation firm Oildex, which specializes in the oil and gas sector, only acquired procure-to-pay service OpenInvoice in June, but already the unit is getting an upgrade. Reports yesterday (Aug. 17) said that both OpenInvoice and Spendworks are rolling out new features, the first update since the acquisition.

The newest version of OpenInvoice, reports said, aims to boost supplier engagement and streamline communication and collaboration between buyer and seller. Key to its upgrade is the ability for suppliers that submit paper invoices to gain real-time visibility into the status of their bills.

Part of the new feature means OpenInvoice will automatically send an email to a supplier once a buyer receives that bill. Suppliers can then gain access to the status of the invoice throughout its lifecycle. This allows suppliers that submit paper invoices to access the same services that suppliers submitting e-invoices access.

Oildex also said that additional features make OpenInvoice more compatible with mobile devices, letting suppliers that submit digital invoices to take a picture of the bill with their smartphone to submit it to the OpenInvoice platform.

For Spendworks, Oildex has also unleashed new services that strengthen the platform’s data security and customer engagement offerings.

“These releases are validation of our promise to customers that we are moving forward with business as usual as a combined company, continuing to develop and advance our AP product lines,” said Oildex Senior Vice President of Products and Technology Mike Weiss in a statement. He added that initial feedback from these upgrades has been “positive.”

“We are working hard to continually update these products and others to meet our customers’ changing needs both in the field and the back office,” he said.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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