Announcing the acquisition of invoice automation provider IPS, digital payments platform Edenred said that this would provide clients of its corporate payment subsidiary, Edenred CSI, with access to a complete integrated solution for managing the full accounts payable (AP) process.
According to a press statement from Edenred, with the purchase of IPS, with which it has been working since 2015, Edenred CSI’s B2B payment automation capabilities will be expanded to include IPS’ invoice automation solution, resulting in a full, integrated invoice-to-pay offering.
According to the press announcement, “IPS’ effective platform and innovation-driven automated invoice processing solution will seamlessly connect with Edenred CSI’s digital platform to give both existing and new clients a full invoice-to-pay solution, unlocking further business prospects.”
While IPS manage invoice automation from invoice collection through approval and has a 99.95% data accuracy rate, Edenred CSI covers all payment methods and integrates with 350 enterprise resource planning (ERP) systems, according to the announcement.
According to the press release, “IPS and Edenred CSI’s integration will provide a 100% end-to-end digital process that will eliminate invoice exceptions while considerably enhancing straight-through payment processing.” “The whole invoice-to-pay process will benefit from our combined experience converting manual AP procedures to digital,” the statement continued.
Chief financial officers (CFOs) from manufacturing and wholesale trade companies that had digitalized their payments, and the results showed that 91% of them claimed increased productivity, 84% reported improved working capital management, and 62% indicated cost savings.
More than a quarter of gig economy organizations see ineffective vendor interactions as a major issue and state that automating their AP systems is crucial to boosting their processing capacity. 83% of these companies claim they are unable to make payments in the currencies that the vendors want.
To that end, up to 75% of gig economy businesses see increased payables speed as one of the major advantages of modernizing their payables processes.
