B2B Payments

Xerox Digs Heels Into Accounts Payable Sector

Xerox is strengthening its position in the accounts payable services space with a new suite of business solutions.

The company announced Wednesday (March 27) that it is rolling out a services portfolio that includes several industry-specific B2B services and five horizontal services all designed to promote enterprise digitization.

The five horizontal services include Intelligent Workplace Services to automate workflows, Capture & Content Services to capture data across channels, Accounts Payable services to automate invoicing and payments, Digital Hub & Cloud Print Services for cloud-based printing services, and Campaigns on Demand Services to manage marketing campaigns.

The four industries Xerox is targeting include the insurance, healthcare, public sector and retail markets, each with its own tool to tackle industry-specific challenges through digital tools.

“There is a significant opportunity for our clients to automate inbound and outbound communications, extract value from ingested data and streamline various business processes to unlock immense productivity gains,” Xerox Chief Commercial Officer Joanne Collins Smee said in the firm’s announcement. “Powered by our technologies, software and Managed Print Services (MPS) expertise, Xerox Services allows our clients to better compete in a rapidly changing market environment.”

Xerox’s focus on enterprise digitization is a shift for a company that was built on the business of paper. But beyond introducing document digitization tools via scanners and other devices, the company appears to be digging deeper into the cloud-based digital enterprise sphere, particularly when it comes to accounts payable.

Last month the firm’s joint venture Fuji Xerox announced a partnership with Esker to deploy accounts payable solutions across the Asia Pacific region with a focus on process automation and document management. Xerox has also previously introduced integrations between its scanners and printers, and cloud-based accounting and financial management platforms Salesforce and QuickBooks to automate data capture. That initiative introduced several apps that allow businesses to migrate data from documents processed via Xerox hardware into cloud-based enterprise software portals.


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.