Procure-to-pay software company Yooz plans to expand into the U.K., the firm announced on Wednesday (Feb. 6).
A press release revealed that the company will make its automated accounts payable (AP) solution available to U.K. businesses, expanding into a market that Yooz Director Magali Michel said “offers an outstanding environment for global technology companies, with its strong startup culture and an appetite for innovation and new technologies.”
In a statement, Michel also noted that the U.K.’s struggles with late supplier payments post a key challenge to the overall economy, making the market “ripe for accessible AP automation.”
The launch comes as AP automation grows increasingly in-demand among corporate finance professionals. In the January B2B Payments Automation Innovation Playbook, PYMNTS and Mastercard found that 85 percent of companies want accounts payable automation, though 59 percent have yet to implement any kind of payments automation into their own back-end systems.
Yooz said its AP automation tool is designed for businesses of all sizes, with all volumes of documents. The solution integrates artificial intelligence (AI), robotic process automation (RPA), machine learning, deep learning and other technologies to automate invoice processing for accelerated, accurate invoice payments. Yooz currently integrates into an array of accounting and enterprise resource planning (ERP) platforms.
Last year, Yooz announced a partnership with SnapCheck, integrating the firm’s digital check solution into its procure-to-pay platform. At the time, Yooz said the collaboration enables businesses to retain the familiarity of paying suppliers via check, while obtaining the benefits of electronic payments for automated integration into ERP systems and streamlined reconciliation.
“Many businesses still prefer to pay vendors and suppliers by check, and our combined solution will flawlessly automate and digitize from end to end what used to be a very manual and time-consuming process,” said Yooz North America COO and Chief Innovation Officer Laurent Charpentier in a statement in November.