FLEETCOR-owned Cambridge Global Payments has announced the launch of its Invoice Automation Solution.
Cross-border commercial payments and FX management firm Cambridge Global Payments said in a press release Tuesday (July 9) that its Invoice Automation Solution is now available as an integrated tool that streamlines the invoice-to-pay process for cross-border transactions. The service automatically extracts data from invoices, PDFs and other trade documents and automates accounts payable while storing payables information for reconciliation and accounting.
Businesses can pay invoices immediately or dictate a payment date while retaining a fixed foreign exchange rate when they upload an invoice to the platform. Custom remittance information can be sent directly back to the foreign vendor, while the service also supports custom reporting for a buyer’s own back-office processes.
“Invoice processing has historically been a manual process that consumed a lot of time and money,” said Cambridge Global Payments President Mark Frey in a statement. “Our Invoice Automation Solution provides businesses with a simple, secure solution — from invoice receipt, to payment remittance, through to reconciliation, saving time and improving data collection and reporting processes.”
In another statement, Anthony Loiacono, Cambridge Global Payments’ managing director Invoice Automation Solutions, noted that invoice processing “isn't one size fits all anymore,” and automated solutions must acknowledge that.
“A move to an automated solution will also support the changing role of the AP department, allowing it to switch focus from administrative tasks to policy and regulatory tasks, quality assurance, and analysis,” he said.
The invoice processing solution augments Cambridge Global Payments’ existing offering of global payments and foreign exchange management solutions.
Last year, Frey spoke with PYMNTS’ Karen Webster about some of the biggest challenges of FX management.
“When currency risk management or hedging is done well, it’s really all about taking something that is, ultimately, out of a firm’s control with what happens, with respect to international foreign exchange markets,” he said.