Delivering better payment data to businesses
Visa has upgraded its data and invoice management capabilities in the Asia Pacific region with a solution from Kofax that is geared at helping businesses overcome the problems they face in accounts payable and receivables management processes.
Olivia Leong, head of commercial and prepaid payment solutions, Visa Asia Pacific, says, “The starting point in developing a frictionless solution for businesses was the recognition of the challenges that organizations face today in accounts payable and receivables processes. The basic premise for both Visa and Kofax was that business is never ‘as usual.’ For this reason, we focused on ways to reduce the typical friction that exists between these processes.”
Kofax reports its TotalAgility, Kapow and Altosoft Insight analytics products interact with Visa’s B2B transaction information to deliver specific outcomes for business process and corporate cash flow management. Those include:
- automatically capturing details such as dates, product and service descriptions and amounts to enable a three-way match of purchase orders, invoices and payment instructions, thereby eliminating time-consuming manual intervention to achieve both efficient reconciliations and payments;
- providing and analyzing accurate and timely data to enable greater visibility into expenditures, collections and cash flow management;
- delivering data in flexible formats that enable organizations to seamlessly integrate that information into their existing enterprise resource planning (ERP) systems.
Kofax TotalAgility is said to be the first unified smart process application development and platform that includes multichannel capture, business process and case management, data integration, advanced analytics and mobility in a single platform. The Kofax Kapow integration and automation platform quickly delivers information to enterprise applications that was previously unattainable, unusable or costly to integrate. Kofax Altosoft Insight features rapid, no-coding development, near real-time reporting, dashboard, visualization and ETL (extract, transform, load) capabilities for both data and process analytics, according to Kofax.