Palmarius Debuts Accounts Payable Tool

Cost containment solution provider Palmarius Advisors is rolling out an accounts payable (AP) automation solution designed to generate revenue and enhance spend control for corporate users.

In a press release issued Tuesday (July 2), Palmarius Advisors announced that its AP solution provides automated reconciliation and increased security to mitigate the risk of fraud while simplifying accounts payable transactions. The platform supports check, automated clearing house (ACH) and virtual card payments for both domestic and cross-border transactions.

“We’re transforming AP departments into automated powerhouses, where seamless and efficient payments produce additional revenue for their organizations,” said Palmarius Advisors Senior Advisor Joseph Durkin in a statement. “Our clients love how they can now generate additional revenue every time they pay their suppliers or vendors.”

The company did not reveal details on how it mitigates accounts payable fraud or introduces business users to a new revenue stream with its tool. However, several players in the AP automation field have connected companies to ways to access early payment discounts, enabling firms to obtain a discount on their invoices for paying vendors early.

Furthermore, AP automation and electronic payment can support corporates’ shift away from making payments with paper check (cutting costs), while card payments can connect businesses to rebates and rewards opportunities.

According to the January B2B Payments Automation Innovation Playbook, a collaboration between PYMNTS and Mastercard, 59 percent of companies have yet to implement any kind of AP automation technology within their back offices — yet 46 percent plan to do so, and 85 percent want to implement automation. Survey respondents pointed to a reduction of accounts payable errors, reduced costs and freeing up employee resources as the top benefits of AP automation.

In May, PYMNTS analysis in the Payables Friction Index: Barriers to Invoice Automation revealed that nearly half of invoices are delivered via fax machine, while more than 72 percent travel through the mail.