Kofax and Visa remove friction in B2B payments

Visa has deployed enhanced data and invoice management capabilities in the Asia Pacific region utilizing Kofax TotalAgility to help businesses better overcome the challenges that they face today in accounts payable and receivables management processes that typically stem from a lack of process automation.

 Kofax TotalAgility, Kofax Kapow and Kofax Altosoft Insight analytics products interact with Visa’s B2B transaction information to deliver specific outcomes for business process and corporate cash flow management. 

These include:

Automatically capturing details such as dates, product and service descriptions and amounts to enable a three-way match of purchase orders, invoices and payment instructions, thereby eliminating time-consuming manual intervention to achieve both efficient reconciliations and payments.

Providing and analysing accurate and timely data to enable greater visibility into expenditures, collections and cash flow management.

Delivering data in flexible formats that enable organizations to seamlessly integrate that information into their existing Enterprise Resource Planning (ERP) systems.

“The starting point in developing a frictionless solution for businesses was the recognition of the challenges that organisations face today in accounts payable and receivables processes,” said Olivia Leong, Head of Commercial and Prepaid Payment Solutions, Visa Asia Pacific. 

“The basic premise for both Visa and Kofax was that business is never ‘as usual.’ For this reason, we focused on ways to reduce the typical friction that exists between these processes. The Kofax platform supports Visa’s mission to continuously evolve our payment services to ensure relevance amidst the constantly changing demands in the business, financial and regulatory environment and to continue to be the best way to pay and be paid.”

Visa's investment in the Kofax solution and focus on payable and receivable process automation to achieve quality transactional data is perfectly timed as the Asia Pacific region is witnessing a revival of corporate spending in analytics platforms. Gartner has projected that this expenditure could reach US$1.6 billion by 20171.

“Kofax's solution supports Visa in delivering better payment data to businesses and governments that it’s issuing partners serve today,” commented Howard Dratler, Executive Vice President of Field Operations at Kofax. 

“Visa selected the Kofax platform based on four very important criteria -- flexibility, accuracy, timeliness and efficiency -- in managing transactional information. In doing so, we are able to help Visa address key challenges that plague businesses when managing payable and receivable processes.”