PairSoft and Finexio have renewed their partnership allowing users of PairSoft’s procure-to-pay automation and AI solutions to use Finexio’s embedded payments solution for accounts payable (AP).
The combination enabled by this partnership, which has been in place since 2022, provides AP payments solutions designed for greater operational efficiency, increased digital payment yield and reduced fraud risk, the companies said in a Thursday (July 17) press release.
“Our partnership renewal with Finexio continues our joint mission of integrating seamless AP payments with our customers’ user experience,” PairSoft CEO Matt Cotter said in the release.
Finexio founder and CEO Ernest Rolfson said in the release: “Together, we’re delivering the next generation of AP payments — optimized, intelligent and fully managed.”
AP automation offers a proven solution to the rising fraud risks faced by AP departments, according to the PYMNTS Intelligence and Finexio collaboration “Winning the Fraud Fight: How AP Automation Can Deflect Rising Security Threats.”
The report found that two-thirds of mid-sized firms have already automated some payment disbursements, 91% plan to expand their automation efforts, and payment fraud prevention is a top benefit for companies automating AP.
Businesses need to embrace digital transformation fully, particularly in eliminating paper-based processes, Rolfson told PYMNTS in an interview posted in July 2024.
The shift to digital payments is not just about adopting new technologies but also about changing organizational mindsets and demonstrating the courage to innovate and achieve a paperless operation, he said.
“Our clients care about driving business results and analytics around understanding the value and transparency of every transaction,” Rolfson said. “They want more automation, as much as possible, and they want no fraud.”
PairSoft said in June that it added AI agents to its AP automation and eInvoicing solutions for mid-market and enterprise organizations. The agents are designed to reduce manual work in general-ledger (GL) coding, purchase-order (PO) matching and invoice-approver functions.
In April, PairSoft acquired financial automation software provider APRO Software Solutions, saying the combination will expand its enterprise financial automation capabilities and global scale and create a global procure-to-pay, order-to-cash and bank integration platform that serves more than 1,700 organizations.
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