Verify's Portal Agents simplifies the invoice verification process across various vendor portals, leading to time savings and a reduction in operational costs by up to 20%. With Kapwork, factors can improve their operating margins while offering additional funding opportunities to small businesses.
Factoring, a practice of selling unpaid invoices to a third party, has seen little change over the centuries and continues to be burdened by significant back-office costs and risks. An important component of factoring is invoice verification, which has traditionally demanded labour-intensive manual processes, leading to mistakes and the potential for fraud. Kapwork aims to optimise this process by integrating automation, data enrichment, and security, simplifying verification to upgrade both integrity and operational efficiency in the invoice-to-cash sector, which manages over USD 150 billion in assets according to Grandview Research.
Kapwork Verify allows factors to scale operations and expedite transactions. Portal Agents can gather various data types from over 1000 systems, including Ariba and ISupplier. Records can be accessed on-demand or scheduled for timely accuracy. Verify ensures secure access, vendor portal control, authentication, and data visibility to protect sensitive information and comply with standards.
Officials from Kapwork stated that factors have supported businesses to grow by supplying working capital, however, they are now hindered by outdated manual processes and avoidable risks. The company created Kapwork Verify to equip factors with the technological advantage they need, not to disrupt their connections with small businesses, but to better support them.
Kapwork Verify is user-friendly, offering a free tier that provides up to 600 credits each month for invoice verification. Eligible factors can integrate with portals and automatically validate records after a registration process.
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