Brex has added an artificial intelligence (AI)-powered accounts payable (AP) solution to its global spend platform.
The new Payables solution combines enhanced bill pay capabilities and purchase cards and is designed to offer AP teams the controls they need while also giving employees the flexibility they want for business spend, Brex said in a Tuesday (Aug. 1) press release.
“The combination of Brex’s bill pay offering and its purchase cards enables companies to control all non-payroll spend, invoiced or otherwise,” Brex Co-Founder and Co-CEO Henrique Dubugras said in the release. “This is particularly important because procurement accounts for a huge portion of customer spend, and therefore without Brex, even small purchases can take up to a week to get approved, slowing down businesses.”
The new Payables product leverages AI across the lifecycle of an invoice, offers real-time visibility and control of expenses, and covers all payment types, including card, automated clearing house (ACH) and wire, according to the press release.
In addition, Brex Payables provides total spend management in one place, AI automation for bill payments and AP, and purchase cards with customizable controls and global capabilities, the release said. It also enables Brex customers to pay vendors globally and use multiple funding sources.
A customer using the Brex platform — Sean Soper, head of accounting and financial operations at Alchemy — said in the release: “With Payables, Brex delivers the next AI-powered version of spend management for accounts payables teams. It’s a very modern way of running virtual cards, p-cards, bills, invoices — everything is aggregated within a centralized platform.”
PYMNTS research has found that automation can help streamline the complex, labor-intensive and error-prone AP workflows relied upon by many companies.
Seventy percent of firms with less automated AP processes say they “definitely need” more automation and 44% of those with more automated processes say the same, according to “Solving Accounts Payables’ Top Frictions With Automation,” a PYMNTS and Corcentric collaboration.
In another recent move, Brex has tapped payments platform Airwallex to help with its global expansion. Brex is employing Airwallex offerings such as local currency collections for its global corporate card and employee expense reimbursements as it begins its expansion.
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