Nexelus applies AI to simplify accounts payable process

Nexelus has released a cloud-based solution for accounts payable (AP), called apworks.ai. This product addresses the manual practice and high cost of AP processing, using artificial intelligence (AI) and machine learning technology to automate and simplify the payables process for operations and finance teams in any business sector.

Based on the Amazon tech stack and architected as a multi-tenant software-as-a-service (SaaS) product, apworks.ai enables processing of all types of media, production, and overhead vendor invoices with little to no human interaction. A dashboard guides users through the invoice lifecycle, while a configurable routing mechanism provide seamless routing and approval of invoices.

The company says that the key features of apworks.ai include rules based approval and routing configuration, the ability for vendors and/or the accounting team to email invoices to the system, while the vendor model catalogue is available to all clients, simplifying new vendor setup. The solution supports multiple vendor invoice formats, and as it is built into the company's product offering (media, production and overhead) there is no need to maintain separate vendor and employee listing, as data is pulled and pushed from and to Nexelus or as a standalone system. Approved invoices are automatically available in Nexelus and the user's ERP or accounting system. The machine learning element sees the product model invoice structure to ensure a high level of predictability, even if certain required information is missing on the invoice.

 

Volante Technologies launches  rapid onboarding  for cloud  payments as a service 

Volante Technologies has announced its latest payments-as-a-service (PaaS) customer experience offering, called The Volante Experience. This aims to bring the speed, lower cost and simplicity of the modern SaaS customer onboarding experience to banks and financial institutions adopting Volante’s cloud-native payments solutions.

Volante says that the onboarding packages for the solution are tiered in a manner similar to customer relationship management (CRM) or ERP software-as-a-service (SaaS) platforms. Banks can select the tier that best suits their needs. The focus is on simplified onboarding and training rather than complex implementation and customisation. Pricing is available on Volante’s website, allowing customers to calculate the total cost of ownership and return on investment of payments modernisation and compare outcomes. 

The company says that this approach breaks with the legacy way of doing business, allowing banks of all sizes to be onboarded to payments services already enjoyed by larger institutions, at a fraction of the cost and with unprecedented time-to-value.

 

CoreChain raises US$1.25m for blockchain B2B payments network

CoreChain Technologies, a digital B2B payments network built on blockchain, has announced it has raised US$1.25m in pre-seed funding from investors that include Ulu Ventures, Connecticut Innovations, Bloccelerate VC and New Form Capital. The funding will be used to accelerate enterprise customer adoption and aggressively expand its payments and financing network.

Using enterprise blockchain technology to power B2B payments and financing, CoreChain says it is streamlining the manual processes and reconciliation that have remained static for decades, while mitigating fraud. CoreChain also unlocks lending opportunities to finance the working capital being held in unpaid invoices that age towards settlement due dates, frequently 30 to 120 days in arrears.

Since its launch in September 2020, CoreChain has processed over US$300m in B2B payments for enterprise buyers, including transactions for channel customers, such as PaymentWorks. Available as a white label platform, CoreChain allows any ERP or business process automation software company or even banks and other payment networks to offer a blockchain-based B2B payments solution to its enterprise clients.

CoreChain also natively supports settling funds via digital assets and digital currencies, as well as exchanges with other cryptographic currency networks such as Ethereum, creating alternatives to existing rails for direct lending and settlement as these methods build adoption in the B2B space.

 

Deutsche Bank transaction banking offering recognised in Asia Pacific

Deutsche Bank has picked up a selection of prizes at The Asian Banker – Transaction Finance Awards this week. The bank was named Best International Transaction Bank in Asia Pacific, and retained its top positions for Best International Trade Finance Bank in Asia Pacific for the fourth year in a row, and Best Global (EURO) Clearing Bank in Asia Pacific for the seventh year in a row.

Deutsche Bank also took home the Banker’s Choice Awards for its digital solution for real-time loan disbursements for Home Credit India Finance, and for a bespoke export document handling solution for Hyundai Corporation.

The Asian Banker Transaction Finance Awards recognises financial institutions’ achievements in corporate and transaction banking based on market share, uniqueness and quality of products and services and operational excellence. The winners for these awards are determined through a combination of surveys, interviews and field research by The Asian Banker’s research staff.