RapidInvoice, Symbeo's accounts payable (AP) automation and artificial intelligence (AI)-enabled optical character recognition (OCR) solution, is now available on the Amazon Business App Center.
The partnership will expand the reach of the solution, making it more easily available to mid-sized and small businesses (SMBs) that use Amazon's B2B marketplace, CorVel-owned Symbeo said in a press release on Tuesday (July 9).
“This partnership will give our mutual customers access to cutting-edge AP automation technology with the convenience of Amazon Business,” Symbeo president Tomica Russell said in the release.
RapidInvoice offers Amazon Business customers receiving, tracking, document segregation and classification, as well as AI-enabled OCR to improve financial reporting and reconciliation, according to the release.
According to the release, these tools help businesses eliminate waste, increase visibility into purchasing power and proactively manage cash flow.
The new availability of the tool in the Amazon Business App Center allows Amazon Business customers to take advantage of wholesale pricing for products and services and integrated payment reconciliation to financial systems, according to the release.
“By streamlining the procurement process and offering the convenience of one-stop shopping, this partnership will enable businesses of all sizes to increase efficiency and maximize ROI,” Russell said in the release.
PYMNTS Intelligence found that mid-sized businesses are strategically prioritizing the automation of certain payment types, primarily flat-rate and recurring payments, to increase operational efficiency while reducing the risks associated with error-prone tasks.
According to a joint PYMNTS Intelligence and American Express study, “Trends in Accounts Payable and Receivable: The Future of Automation,” among midsize businesses that plan to further automate over the next three years, more than 90% expect to make processes more accurate, efficient and streamlined, and more than half expect to see improved data availability and insights.
In another recent product announcement in this space, Financial Information Technologies (Fintech) announced in May that it had extended the automated invoice processing capabilities of its AP automation platform to all B2B transactions.
The company's PaymentSource platform was previously designed to accommodate alcohol purchases in the retail and hospitality industries, but can now accommodate all of its business purchases, the company said in a press release.
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