RapidInvoice, an AI-powered accounts payable (AP) automation and optical character recognition (OCR) solution, is now available on the Amazon Business App Center.
The partnership will expand the reach of this solution, making it 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 press release Tuesday (July 9).
“This partnership will empower our joint customers with advanced AP automation technology with the convenience of Amazon Business,” said Tomika Russell, president of Symbeo, in the release.
RapidInvoice provides Amazon Business customers with document receipt, tracking, segregation and classification, along with AI-enabled OCR that improves financial reporting and reconciliation, according to the release.
These tools help companies eliminate waste, improve purchasing power visibility and proactively manage cash flow, the release said.
With the new tools available in the Amazon Business App Center, Amazon Business customers will be able to take advantage of wholesale pricing for goods and services as well as integrated payment reconciliation to financial systems, according to the release.
“By simplifying the procurement process and offering the convenience of shopping in one place, this partnership enables businesses of all sizes to drive efficiencies and maximize ROI,” Russell said in the release.
PYMNTS Intelligence found that midsize companies are strategically prioritizing automation of certain types of payments, particularly recurring payments and those that occur at regular intervals, to improve operational efficiency while reducing the risks associated with error-prone tasks.
Among midsize companies planning to further automate in the next three years, more than 90% expect to see accurate, efficient and streamlined processes and more than half expect better data availability and insights, according to “Accounts Payable and Receivables Trends: What’s Next in Automation,” a collaboration between PYMNTS Intelligence and American Express.
In another recent product launch in this space, Financial Information Technologies (Fintech) said in May that it has expanded its AP automation platform’s automated invoice processing capabilities to cover all B2B transactions.
Previously designed to handle alcohol purchases by the retail and hospitality industries, the company’s PaymentSource platform can now handle all of their business purchases, the company said in a press release.
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