ActiveWorx, Inc. has rolled out B2B payments optimization offerings on its platform. The launch of the company’s payment functions will address ongoing corporate payment processing hurdles with process automation software and payment services that harness artificial intelligence (AI) and advanced machine learning (ML), according to an announcement.
“With integrations to multiple payment processors, the ActiveWorx platform now offers corporate payment capabilities in various formats, including international payments, to more than 120 foreign countries,” William Bridgers, senior vice president of payment services, said in the announcement.
ActiveWorx’s B2B payment platform digitizes the payments workflow and makes it as effective as possible via one interface, the company stated. It keeps tabs on the types of payments accepted by vendors, along with instructions on a payment’s destination, format and recipient.
Furthermore, ActiveWorx offers check printing and mailing services for customers and vendors who are not yet ready to transition away from hardcopy checks.
ActiveWorx, which was previously known as Miria Systems, Inc., is a financial transaction system that “helps companies achieve digital transformation, automation and management for complex financial transactions,” according to the announcement. The cloud-based system provides in-depth “capture-to-pay functionality,” in addition to accounts payable (AP) automation.
The remote working setups necessitated by the pandemic have made transactions via paper checks more complex. In 2019, 30 percent of vendor payments were made through checks. B2B purchasers, or the financial institutions that companies can use to outsource their payment functions, may be required to get permissions on large transactions, but that becomes more difficult as offices move to remote work. AP workforces cannot plan to simply mail prepared checks to leaders at their residences for their signatures. As firms become aware of these challenges, they are aiming for simpler digital alternatives to replace hardcopy payment methods.