Kofax, Visa Cut B2B Payments Deal

Visa will deploy “enhanced data and invoice management capabilities” In the Asia Pacific region using Kofax TotalAgility, the two companies announced late Tuesday (Nov. 4). The pair promised that the move will help with accounts payable and receivables management processes that typically are hurt by a lack of process automation.

“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,” said Olivia Leong, Head of Commercial and Prepaid Payment Solutions, Visa Asia Pacific. “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. The Kofax platform supports Visa’s mission to continuously evolve our payment services to ensure relevance amidst the constantly changing demands in the business, financial and regulatory environment and to continue to be the best way to pay and be paid.”

By bundling Kofax functionality with Visa B2B transaction information, the pair promise that the package will:

• Automatically capture 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.
• Provide and analyze accurate and timely data to enable greater visibility into expenditures, collections and cash flow management.
• Deliver data in flexible formats that enable organizations to seamlessly integrate that information into their existing Enterprise Resource Planning (ERP) systems.