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Accounts Payable (AP) automation is the use of technology to streamline and improve the process of managing a company's bills and payments owed to others. Instead of manually handling invoices, checking them, and making payments, AP automation uses software to do these tasks more quickly, accurately, and with less human effort.
The new partnership will combine “global open banking initiatives, Samsung SDS’ Nexledger Universal platform and Credorax’s industry expertise” in order to provide automatic paymentreconciliation, remittances and invoices for B2B payments.
It involves the AP department leveraging technology to digitize invoices and related documents, automating the approval process, and conducting payments through electronic means. Nanonets AP automation integrates with QuickBooks, Xero, and Sage, allowing you to go fully paperless.
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