By C2FO and Vic.ai have partnered on an artificial intelligence (AI)-powered invoice acceleration solution that they say will help enterprise customers reduce payment cycles for their supply chains.
The solution makes use of C2FO’s global platform for working capital, and Vic.ai’s AI for autonomous accounting and financial management, according to a Tuesday (Aug. 23) press release.
“This partnership furthers our pledge to help businesses improve margins, expand access to working capital and drive growth,” Allison Baker, senior vice president and head of partnerships at C2FO, said in the release.
C2FO’s working capital platform reduces the payment cycle by an average of 32 days, and Vic.ai’s AI for autonomous AP cuts invoice processing time by 80%, according to the press release.
Beyond that, C2FO’s platform enables enterprises to maximize operational cash, improve supplier relations and optimize procurement, while Vic.ai’s AI minimizes invoice processing and approval time, Vic.ai Chief Growth Officer Aditi Charnoubi said in the release.
With the new solution that combines these capabilities for joint customers, “businesses can gain complete cost insights and optimize spend based on industry benchmarks,” Charnoubi said.
As of the time of Vic.ai’s funding announcement last fall, the company reported that its AI platform had processed more than 535 million invoices with 95% accuracy and that, as a result, more than 2,000 corporate finance and accounting clients had achieved nearly $70 million in cost savings and 6 million hours in time savings.
Read more: Vic.ai CEO: Accounting Needs AI-Driven Overhaul to Streamline Invoice Processing
Even in the age of automation, though, there is still room for the human touch, Vic.ai Co-founder and CEO Alexander Hagerup told PYMNTS in an interview posted in September 2021.
“Accountants still play a critical role, but instead of focusing much of their time and energy on mundane, repetitive tasks, their day-to-day work can shift to higher-level, more valuable jobs and opportunities,” Hagerup said.
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