NEWS

Global PayEX formed to digitize AR/AP workflows and lower the costs of payments and reconciliation

By VARINDIA - 2021-06-03

Narayan Ramamoorthy, Chief Revenue Officer, Global PayEx

The Idea: Large and mid-sized corporates face great challenges in automating and digitizing their account receivables (AR) and accounts payables (AP) process. A primary cause for these challenges is the fact that each transaction involves multiple buyers and suppliers, who submit and receive documents, such as invoices and goods receipts in a host of formats. For instance, if we look at the AR side, the customer segments usually include large institutions and dealers and distributors and on the AP side there are multiple vendors. At this juncture, where businesses struggle with automating their back-end operations, we saw an opportunity and conceived Global PayEX to digitize AR / AP workflows, and lower the costs of payments and reconciliation. This is where ERPs and Accounting systems stop being the 'system of record’ and begin generating invoices, and banks stop at ‘who has paid how much’ and offer a collections and payables accounts infrastructure. Positioned at the heart of last mile interactions, communication, reconciliation and payment processes (different channel), Global PayEX is focused on automation, analytics and hence working capital optimization for our anchor customers.

Innovations & Services: Unlike most startups and unicorns that rely on copy and scale, we are using our own innovative intelligence to create Intellectual Property, which drives our cloud-based, end-to-end suite of AR and AP solutions to deliver measurable improvement in working capital efficiency in the entire order-to-cash & procure-to-pay cycle. Our FreePay solution is facilitating complicated end to end AR workflows including presentment, deductions management, credit note application, dunning/ collections, multiple payment modes, auto-reconciliation, etc. Additionally, our AlgoriQ platform is built on a machine learning bed and helps automate several areas in AR and AP, including leveraging document reading engines, AI/ ML algorithms for auto-matching (reconciliation), and sophisticated industry specific configurations for AP / AR rules, such as deductions. We have also put in place sophisticated algorithms, which empower our platforms with working capital analytics and offer the users the ability to implement decisions in real-time, including cash discounts and late payment terms due to COVID-19, among others.

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