Customer Apps / Banking & Finance / Seamless Account Payables Digitalization App

Seamless Account Payables Digitalization App

Simplify and streamline Accounts Payable and Vendor Management processes across multiple suppliers and regions, enabling auto-matching, auto-reconciliation, and proactively detecting and resolving document discrepancies in the system of records.

Overview

Current vendor management and accounts payable processes are manual and paper-heavy, leading to challenges in payment processing. Organizations are seeking automation to capture mismatches and inconsistencies during transaction execution, enabling seamless payment processing.

Some of the key challenges in the accounts payable process that can be addressed using emerging technologies like blockchain, AI, and machine learning include:

Process tracking from PO-Invoice-GRN with real-time collaboration for changes at each stage.
Resolve and transform business processes with end-to-end transparency, allowing for real-time reconciliation.
Submit Accounts Payable (AP) in ERP using a highly secure blockchain-based network for authenticity.
Securely store documents/data as immutable records with auditability.
Multi-party consensus/agreement on finality and version controls.
Improve collaboration between internal business functions (Purchasing, Manufacturing, Finance) and suppliers.
Enhance supply chain visibility, reducing safety stock levels and inventory carrying costs.
Streamline manual reconciliation and matching for payment processing to suppliers.
Ensure third-party risk management and compliance across multi-geographic jurisdictions.

The business need is to reinvent the accounts payable process in connected supply chain procurement involving multiple suppliers using blockchain technology.

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App Features

Increase visibility and transparency across the digital network of multi-tier suppliers to promote ethical behavior throughout the supply chain.

Automatically route vendor bill approval workflow based on the DoA (Delegation of Authority) matrix.

Simplify posting in the ERP system with pre-validated, pre-filled, and auto invoice document linking.

Enforce effective, risk-free contracts across purchasing with multiple suppliers/vendors. Classify PO and non-PO invoices for processing with auto validation against ERP data in real time.

Utilize Microsoft Azure AI/ML processing to capture necessary invoice details for matching purposes and proactively collaborate on the platform before pushing to the ERP system.

Receive real-time reports and secure tracking of the origin of goods and the chain of custody for high-ticket items, with verified documentations and certifications as tamper-proof digital records for future use and compliance.

Maintain accurate data and a digital document repository with auditability across functional departments and ecosystem participants. Access invoice status flags, AP aging, productivity reports, exception analysis, and daily task lists for pending/open items.

Simplify the procurement process involving multiple suppliers from multiple geographies with shorter cycle times. The platform provides a digital network with vendor profiling based on spend category. Vendors can easily upload invoices on the platform with visibility to respective Commercial and Treasury teams.