Kofax, Microsoft Team On Enhancing AP Automation

Intelligent automation software provider Kofax will integrate its ReadSoft Online platform with Microsoft Dynamics 365, letting organizations enhance their procure-to-pay workflows and automatic mission-critical processes, according to a press release.

ReadSoft Online, the release stated, is Kofax's Software-as-a-Service (SaaS) tool for invoice data extraction and automating accounts payable (AP) services.

The two companies combined will offer a new service for AP departments to help reduce invoice processing time by as much as 80 percent, the release stated. With the joint solution, they'll be able to automatically process invoice data in over 35 languages and hundreds of formats from Kofax ReadSoft.

Then, they'll be able to route the invoices through the larger workflows from Dynamics 365, with the wizard-driven setup processes connecting Kofax and Microsoft's platforms without running through any complex integration initiatives.

“Kofax and Microsoft share a vision of enabling accounts payable teams to accelerate their digital transformation initiatives,” said Kathleen Delaney, chief marketing officer at Kofax, in the release. “The integration announced today illustrates how we’re delivering on that vision, helping our customers unify complex workflows, siloed systems and human capital.”

“Our mutual customers rely on solutions like Kofax’s ReadSoft Online to streamline invoicing processes,”said Georg Glantschnig, general manager of Dynamics 365 Finance at Microsoft, in the release. “The ReadSoft Online integration with Microsoft Dynamics 365 Finance is the type of technological innovation that enables our customers to seamlessly transform their processes via automation.”

In other news, Kofax debuted a new feature to enhance trade finance automation, working with low-code, modifiable structure in order to automate the handling of hard copy and electronic trade transaction paperwork, PYMNTS reported. That has allowed banks and other financial institutions to cut processing times, boost compliance and increase productivity.

That solution offers dashboards to give a start-to-finish view of the process.