Symbeo’s accounts payable (AP) automation and artificial intelligence (AI)-enabled optical character recognition (OCR) solution, RapidInvoice, is now available on the Amazon Business App Center.
This partnership will extend the reach of this solution, making it readily available to mid-market companies and small and medium-sized businesses (SMBs) that use Amazon’s B2B marketplace, Symbeo, a CorVel company, said in a Tuesday (July 9) press release.
“This partnership will empower our joint customers with cutting-edge AP automation technology with the convenience of Amazon Business,” Tomika Russell, president of Symbeo, said in the release.
RapidInvoice provides Amazon Business customers with receiving, tracking, document separation and classification, together with AI-enabled OCR that improves financial reporting and reconciliation, according to the release.
These tools help companies eliminate waste, improve visibility for purchasing power and proactively manage cash flow, the release said.
With the new availability of the tools on the Amazon Business App Center, Amazon Business customers will be able to leverage wholesale pricing for goods and services as well as integrated payment reconciliation to financial systems, per the release.
“By simplifying procurement processes and offering convenience of one-stop shopping, this partnership enables businesses of all sizes to drive efficiencies and maximize ROI,” Russell said in the release.
PYMNTS Intelligence has found that mid-sized firms strategically prioritize the automation of certain payment types, mainly payments of regular amounts and those occurring at regular intervals, to increase operational efficiency while mitigating the risks associated with error-prone tasks.
Among mid-sized firms planning to automate further in the next three years, over 90% expect to see accurate, efficient and streamlined processes and more than half expect improved data availability and insights, according to “Accounts Payable and Receivable Trends: What’s Next in Automation,” a PYMNTS Intelligence and American Express collaboration.
In another recent product launch in this space, Financial Information Technologies (Fintech) said in May that it expanded its AP automation platform’s automated invoice processing capabilities to include all B2B transactions.
Previously designed to handle the retail and hospitality industries’ purchases of alcohol, the company’s PaymentSource platform can now handle all their business purchases, the company said in a press release.
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