SquareWorks Adds Global Payment Solution to AP Automation Software

SquareWorks Consulting added a global payment solution to its accounts payable (AP) automation software and enterprise resource planning (ERP) services.

The company’s new International Payments capability allows AP teams to onboard, manage and pay global vendors without leaving their ERP suite, it said in a Tuesday (July 22) press release.

With this addition, SquareWorks Consulting’s Payment Automation provides all payment options in one solution, including ACH and check payments as well as International Payments, according to the release.

International Payments provides real-time exchange rates and payment tracking, SWIFT wire payments to more than 200 countries, country-specific vendor onboarding fields that ensure compliance, international ACH support and international vendor self-onboarding, the release said.

The new solution integrates with SquareWorks Consulting’s financial automation platform, Automate, to provide end-to-end automation across the AP cycle, and with Invoice AI, which extracts and processes invoices and currencies, per the release.

“The complexities of global finances can be difficult and costly for accounts payable teams to navigate,” SquareWorks Consulting CEO Bernardo Enciso said in the release. “Our newest offering is designed to complete our holistic approach to payments, keeping all payments inside the ERP.”

The PYMNTS Intelligence report “Accounts Payable and Receivable Trends: What’s Next in Automation” found that full AP and AR automation enables firms to achieve greater accuracy and efficiency in process management.

The report found that over 70% of mid-sized firms that embraced full AP automation reported heightened satisfaction, while 40% of those that employed partial automation reported similar positive outcomes.

SquareWorks launched Invoice AI in December, saying this invoice scanning solution improves on optical character recognition (OCR) technology by using artificial intelligence to learn invoice patterns, further increase accuracy and minimize time spent on configurations.

The company launched another new product, Accrual Automation, in September, saying it is available through the Automate platform and uses AI to predict accumulated expense estimates, generate reports and simplify month-end close.

Accrual Automation ensures the accuracy of expense accruals to provide company leaders with precise data for decision making and to ease the audit process, the company said when announcing the product.

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