Global Software-as-a-Service (SaaS) solutions provider Rillion has rebranded from its original name, Palette Software, amid its United States debut, according to a press release.
Rillion has 3,000 customers and 340,000 users across 50 countries, the release stated. The platform captures invoice data, processes invoices, matches purchase orders, offers searchable archives and allows approval workflows to boost productivity in finance and accounts payable (AP) departments.
“By launching Rillion in the United States, we can help small-, medium- and large-sized companies save time and money by minimizing manual work, while also providing greater transparency to eliminate bottlenecks in payments and invoice systems,” said Rillion President of Americas Paul Mullis in the release. “Palette Software has been around for nearly 30 years, … testing and refining the software to ensure it meets the needs of finance teams across the world, and we can now bring that to the U.S. with multiple solutions as Rillion.”
Rillion helps to prevent and detect fraud in companies’ budgeting and payment systems, according to the release. The cloud-based solution allows AP professionals to keep data centralized and ensure compliance, both in the office and at employees’ home offices.
The platform is used in industries ranging from agriculture to construction to retail and more, and it is expanding its small- to medium-sized business (SMB) customer base with Rillion One, formerly Centsoft, which automates the flow of incoming invoices.
PYMNTS research show businesses in the U.S. produce about 400 billion invoices each year, 49% of which become overdue. In the United Kingdom meanwhile, 63% of businesses produce duplicate invoices, 33% of which are mistakenly paid.
The costs of these delays and errors are leading many businesses to develop or purchase advanced technological solutions to fix them. Some of the most promising solutions leverage artificial intelligence (AI), machine learning (ML) or some other form of automated software, both to reduce complications and to address those that arise.