Previse, the instant supplier payment decision company, and Virtualstock, the provider of digital supply chain solutions are partnering to deliver the first fully integrated purchase to pay supply chain system with cash on delivery for suppliers in the UK.
The two companies will enable clients to merge their accounts payable and procurement functions seamlessly, enabling suppliers to get cash-on-delivery. Buyers can now manage their catalogues, contract pricing, inventory and purchases as well as track deliveries through Virtualstock’s The EdgeTM platform, while also ensuring their suppliers are paid instantly with Previse’s advanced machine learning technology and network of readily available funding.
The company said supply chains are becoming ever more complex, with more products than ever being moved faster than ever. This requires seamless real-time data exchange between large organisations and their suppliers, provided through The EdgeTM.
Previse’s artificial intelligence will utilise the rich seam of real-time data on The EdgeTM platform to facilitate instant payment from participating buyers to their suppliers as soon as an invoice is issued. With its ability to instantly and accurately score the risk level of each invoice, Previse’s technology will also massively reduce the costs of back office administration for buyers by allowing them to focus on the invoices which are most likely to require human attention.
David Brown, Chief Product Officer at Previse, said: “Finally, the business to business purchasing landscape is beginning to look like the world of consumer payments that we all enjoy in our daily lives. Through this partnership, companies will be able to see what they’ve bought and where it is in real time, while suppliers will instantly receive payment for delivering their goods. This is how transactions between businesses should be in the 21st century, fast and efficient from procurement to payment. Through the expert channelling and analysis of data which our two companies provide, that can now be a reality for businesses globally.”
