Process automation provider ancora Software is collaborating with source-to-pay and supply chain transformation firm excelerateds2p to supply a component of a new application called Intelligent Invoice Express (IIE), according to a Wednesday (April 28) announcement.
“We are very excited to be working with excelerateds2p,” ancora Software CEO Noel Flynn said in the announcement. “They meet our strategic partner profile perfectly.”
“Our continued success is directly tied to strategic partners with their own intellectual property, like excelerateds2p’s IIE, that couple our solution with theirs,” Flynn added.
IIE supports vendors that are not registered on a vendor network. The program lets organizations digitize their invoice workflow for vendors that usually don’t work within a formal process. To that end, IIE lets vendors directly send in invoices for quick and smooth handling.
excelerateds2p Co-Founder Ramesh Varsani said that the company contacted ancora Software at the start of March and it was able to access the software and solidify its collaboration by “the end of the month.”
“We were particularly impressed with how ancora utilizes machine learning in a true cloud architecture, alongside the simplicity and ease of use that ancora delivers,” Varsani said in the announcement.
ancora Software, which is based in San Diego, has sales and support operations across North America and Britain. It offers intelligent process automation offerings such as data capture and intelligent document classification, with ancoraDocs serving as its signature product.
The news comes as Scrypt AI announced in March that it has handled more than $1 billion in invoices for customers on its Integrated Payables and Receivables system.
By harnessing machine learning and artificial intelligence (AI) automation, Scrypt AI controls invoice payments and document processing and can connect with most enterprise resource planning (ERP) systems.
Scrypt noted in a press release that a disconnect in invoice processing exists in the United States. More than half of business invoices are obtained via paper, raising the manual effort and expense required to handle each invoice.
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