Visa has deployed enhanced data and invoice management capabilities to help firms in the Asia Pacific region automate their accounts payable and receivables management processes.
These capabilities are the result of integrating Visa's business to business (B2B) transaction information with solutions from Kofax, a provider of smart process apps for the business critical First Mile of customer interactions.
According to a joint press release issued on 5 November 2014, the new offerings will automatically capture details such as dates, amounts, as well as product and service descriptions. This enables a three-way match of purchase orders, invoices and payment instructions, thus eliminating time-consuming manual intervention when it comes to reconciliations and payments.
The solutions will also provide and analyse accurate and timely data to enable greater visibility into expenditures, collections and cash flow management. Moreover, they will deliver data in flexible formats, enabling firms to seamlessly integrate that information into their existing Enterprise Resource Planning (ERP) systems.
"The new offerings will reduce the typical friction that exists in accounts payable and receivable processes," said Olivia Leong, head of commercial and prepaid payment solutions at Visa Asia Pacific. She added that the solutions will also help firms meet the changing regulatory demands as they are able to capture the information needed for compliance and reporting.
Kofax's solutions that are utilised by Visa's new offerings include:
- Kofax TotalAgility, a unified smart process app development and deployment platform that features multichannel capture, business process and case management, data integration and advanced analytics. It provides a link between a firm's systems of engagement and system of record to help increase responsiveness to customers and improve service levels while reducing operating costs.
- Kofax Kapow integration and automation platform, which enables firm to quickly acquire, enhance and deliver information to enterprise apps. It also turns information that was previously unattainable, unusable or costly to integrate to consumable data that drives productivity and adds insight to the decision making process.
- Kofax Altosoft Insight, which features rapid no-coding development; near real-time reporting; dashboard; as well as visualisation and extract, transform and load capabilities for data and process analytics.
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