FISCAL Technologies and Proservartner have partnered to offer tools and consultancy services designed to help organizations reduce payment errors, supplier fraud and inefficiencies within procure-to-pay (P2P) processes.
This collaboration brings together FISCAL’s artificial intelligence (AI)-driven forensic software and Proservartner’s expertise in process automation and operational transformation, the companies said in a Friday (Dec. 6) press release.
“By combining our deep expertise in process transformation with FISCAL’s innovative technology, we can help organizations unlock significant operational efficiencies while safeguarding their financial health,” Proservartner CEO and Founder Rakesh Sangani said in the release.
“Partnering with Proservartner enables us to provide finance teams with the tools they need to thrive, even when resources are stretched thin,” FISCAL Technologies CEO David Griffiths said in the release. “Together, we’ll redefine how organizations combat financial risk, increase efficiency and maximize their impact.”
Transitioning from manual and outdated systems to automated payment processes can provide firms with security advantages, PYMNTS reported in October.
Many companies continue to depend on complicated and error-prone manual accounts payable (AP) workflows that cause widespread disruption throughout the business, according to the PYMNTS Intelligence and Finexio collaboration, “The Strategic Role of AI in Accounts Payable.”
The report found that all surveyed chief financial officers (CFOs) said that their firms experienced friction in at least one area of the source-to-pay cycle in the past six months, with 69% of businesses reporting shipping issues, 25% citing invoice discrepancies and 24% pointing to order accuracy disputes.
“AI is no longer just a tool for efficiency; it’s transforming AP into a strategic function that drives financial clarity and operational agility,” Finexio Chief Strategy Officer Chris Wyatt said in the report. “Businesses that embrace AI-powered automation in their AP processes are setting themselves up for sustained growth and competitive advantage.”
In November, Esker said it now enables the real-time integration of its accounts payable solution with two Microsoft cloud-enabled enterprise resource planning (ERP) systems.
In August, Vault released new functionality for its platform to help Canadian businesses automate vendor payments. The company said that the new addition offers businesses a “true two-way sync” and that early testing showed businesses could reduce the time needed to pay their vendors by 70%.
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