Billtrust, which provides payment cycle management software, has released a new solution called Customer Portal Automation under its Quantum Invoicing suite of products. Customer Portal Automation automatically delivers an invoice into any accounts payable system that a buyer uses, which is aimed at accelerating payments to suppliers and alleviate some of the data-entry tasks in the accounts receivable department.
The new tool uses robotic process automation (RPA) to create an almost agnostic invoicing solution that will deliver bills to most A/P systems in use, Billtrust reports. This reduces the need for suppliers and their accounts receivable staff to have to manually log in and out of various different A/P systems to key in data.
“In the invoice-to-cash process, we often talk about the struggle between A/R and A/P,” said Rory Byrne, executive vice president of business development at Billtrust. “Oftentimes, systems are not immediately compatible and suppliers are left with highly manual options that decrease productivity and efficiency. With Billtrust Customer Portal Automation, our clients can leverage an automated solution that increases success rates, is easy to integrate with existing systems, and leads to a faster cash flow.”
In May, Billtrust closed a $50 million round of funding intended to fund the creation of new products under the Quantum Payment Cycle Management umbrella, as well as to grow into adjacent markets and expand its global footprint.