Industry roundup: 24 September 2020
by Ben Poole
Volante Technologies collaborates with Goldman Sachs on cloud-based transaction banking
Volante Technologies has announced that it has been collaborating with Goldman Sachs Bank USA to provide the payments technology underpinning the bank’s recently launched digital transaction banking service built entirely from scratch in the cloud. Volante has also become a client of the platform.
The Goldman Sachs Transaction Banking Platform is designed to be nimble, secure, and easy for the bank’s corporate clients to use and for partners to connect to. The platform is API-enabled and incorporates analytics, liquidity management, virtual accounts, and payments. At the core of this platform is Volante’s cloud-native VolPay, providing unified end-to-end processing of domestic and international payments, including foreign exchange (FX), across US wires, ACH, SWIFT cross-border payments, and other payment rails.
“In launching digital transaction banking for our customers, we needed both cutting-edge functionality and the agility to meet ambitious targets," said Luc Teboul, managing director and engineering lead for the Goldman Sachs Transaction Banking platform. "At the same time, we always aim to collaborate with companies who have the desire to be long term partners. Volante met our top criteria for an ideal collaborator: modern cloud-native technology, deep payments and transaction banking expertise, and the ability and flexibility to deliver against aggressive deadlines.”
"This is truly a two-way street: our payments solutions and know-how have enabled Goldman Sachs to rapidly launch a superior cloud transaction banking service, while they worked closely with us in the certification process with US domestic and cross-border payment networks,” commented Uday Thakur, co-founder and CTO of Volante Technologies.
TravelBank partners with U.S. Bank on corporate T&E
TravelBank has partnered with U.S. Bank to offer an integrated virtual card, expense management, and travel solution. The new U.S. Bank Instant Card integrates directly into the TravelBank travel and expense management application, allowing businesses to provision virtual corporate cards to control and track spend in real time, and manage business travel and expense in a single solution.
The U.S. Bank Instant Card allows organisations to set spending limits, block merchant category codes (MCCs), and customise expiration dates specific to a business purpose, giving them more power to control spend and reduce fraud before they occur. Paired with the TravelBank app, businesses can issue virtual cards to anyone in a few clicks, and track and review that spend as it occurs. This could include employees purchasing laptops and software subscriptions for remote work, a consultant buying materials for a project, or a candidate traveling to interview for a new position.
Programme managers will be able to access and manage spend from every aspect of their U.S. Bank Corporate Card program - whether physical or virtual - from directly within the TravelBank application, and enable their employees to book their own travel within budget in app as well. A pre-approved budget is assigned to each Instant Card issued, and the solution also includes real-time reporting, expense capture, policy management and approvals, reimbursements, general ledger sync, and analytics provided by TravelBank. Customers can also manage their business travel programme through TravelBank’s online booking platform.
Basware solution now automatically captures invoice data via AI
Basware has launched SmartPDF AI, the latest version of its SmartPDF service, which automates the conversion of machine-readable PDFs to e-invoices above 97% accuracy. Unlike optical character recognition (OCR) technology that relies on capturing data from images, SmartPDF AI is trained using data automatically extracted from historical invoices via a machine learning model.
“With our longstanding history in the e-invoicing space and our automatic extraction capability, we had a very large dataset to train the new AI models, allowing us to confidently achieve the targeted field level accuracy of 97%,” commented Sami Nikula, director of Network Solutions at Basware. “Once applied to a customer’s historical invoices, the AI learns and improves even more each time, but again, with very little human interaction required, saving the accounts payable team a tremendous amount of time. In fact, we already have a global enterprise customer live at our targeted accuracy and quality levels, and no action was required by the customer. Another customer will enter the pilot phase soon. With these early results, we feel confident that the technology is now customer-ready.”
Because SmartPDF AI removes invoice data-mapping from the process, it requires zero setup, manual validation or configuration, and offers multi-language support. Whether a new supplier sends an invoice for the first time or an existing supplier changes invoice formats, the self-learning system automatically adjusts. It is designed to ask as few questions as possible and once answered, the artificial intelligence (AI) learns immediately, never asking the same question again. The AI takes into consideration not just the text, but also features, such as fonts, lines, and logos, allowing it to recognise the patterns better and ultimately improve accuracy.
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