Global PayEX Inc
Based in Connecticut, US, Global PayEX offers a global SaaS platform to bring about rapid transformation and automation in accounts receivable (AR) and accounts payable (AP) for mid to large companies. The technology leverages artificial intelligence (AI) and machine learning (ML) to bring about digitisation and automation within one of the least digital aspects of the B2B payments space. Traditionally, accounts receivable (AR) and accounts payable (AP) functions would be handled manually by a finance team, who would have to get to grips with infinite different document formats (invoice, remittance/ payment advice, bank statements) and varying terminology from one customer or supplier to the next.
On AP Global PayEX provides a vendor portal for suppliers and vendors to view documents like POs, goods receipt notes and payment advices. Suppliers can upload invoices via this portal. The Global PayEX platform also enables invoice processing using auto-reading of invoices across formats, providing validation workflows and automating the invoice entry into the ERP.
The AR and AP platforms also enable embedded financing workflows and automation across the anchor corporates, banks and the corporate’s buyers and suppliers.
The PayEX platforms enable straight-through automation with all key ERP platforms such as SAP, Oracle and Microsoft.
Having launched in India, Asia and the US already, Global PayEX is now preparing for further expansion in the US and establishing and growing in Europe.
On AR, Global PayEX provides two core digital platforms – electronic invoice presentment and payment (EIPP) and reconciliation (cash application automation). On the EIPP platform, Freepay™, end customers can view invoices and credit/debit notes, make payments and deductions, view statements, and EIPP automates the accounting entries posting into the seller’s ERP. The reconciliation platform, AlgoriQ™, automates document reading such as remittance or payment advices and bank statements, and automates reconciliation and posting to the ERP (automated accounting).