FISCAL Technologies partners with Cloudtrade and strengthens purchase-to-pay (P2P) risk protection
Press Release | 28th November 2019 by Sal Murdoch
FISCAL Technologies, a global provider of forensic financial risk management solutions, today announced a new partnership with CloudTrade, the leading global provider of cloud-based intelligent document processing solutions for any electronic document type including invoices, orders and statements. The partnership offers CloudTrade customers the ability to further strengthen their Purchase-to-Pay (P2P) risk protection with proven solutions and services from FISCAL Technologies.
CloudTrade is the market leader in document processing and makes 100% accurate data automation accessible for all senders and receivers of application generated documents. The partnership with FISCAL Technologies enables finance teams using CloudTrade’s e-invoicing solutions to enhance their payment compliance processes, secure against invoice fraud, safeguard their working capital and, at the same time, reduce the risk and cost of mis-payment recovery programmes.
According to a recent ACFE report, 80% of organisations still rely on external audits, yet only 4% of fraud is detected by external audit. With traditional controls, such as audits, no longer protecting from contemporary risks, CloudTrade customers can now take a proactive approach by enhancing their transaction processing with FISCAL Technologies’ solution.
FISCAL Technologies’ financial forensic platforms have processed over 1 billion transactions with a value of over £5 trillion in spend. Its global customer base is closely aligned with CloudTrade’s footprint and profile of customers, ensuring they can immediately benefit from FISCAL Technologies’ NXG Forensics® cloud-based risk management platform.
“We’re excited to partner with CloudTrade. Our combined propositions enable complex organisations to realise tangible benefits from their investment in Digital Transformation for financial operations, bridging the gap between P2P processes and technology with greater oversight of payments and the ability to identify high risk transactions”, stated Colin Rigby, Head of Strategic Alliances and Channel at FISCAL Technologies. “Today’s announcement enables organisations to take control of their P2P fraud and risk management. This relationship represents a powerful opportunity for FISCAL Technologies to significantly expand our presence in the e-invoicing market.”
CloudTrade enables the rapid adoption of document automation for any size of organisation. The document sender simply submits an application-generated document to CloudTrade (usually a PDF via email or Secure File Transfer Protocol (SFTP)) and the data is automatically extracted, validated and augmented with 100% data accuracy. Absolutely zero key correction is required as CloudTrade’s software extracts directly from data held within the document. The cloud-based solution, deployment is rapid and delivers true straight-through processing. Unlike other capture solutions such as OCR, setup is completed within hours rather than weeks or months.
CloudTrade processes over $20bn of documents annually and 500+ customers globally trust them as their application generated document automation tool. The solution works with almost any document type - if it’s application generated, CloudTrade can process it.
About FISCAL Technologies
FISCAL Technologies is a world leading provider of forensics and artificial intelligence powered solutions and services that empower purchase-to-pay teams across the globe to protect their organisational spend.
Incorporating unique technology to reduce risk in the supply chain, FISCAL Technologies’ award-winning cloud-based risk management platform is used on a continuous, preventative basis to protect supplier spend, defend against fraud, increase profitability and drive process improvement.
FISCAL Technologies has safeguarded over 1 billion transactions with a value of over £5 trillion in spend. For further information about FISCAL Technologies’ solutions visit www.fiscaltec.com
Founded in 2010 to offer a fresh approach to electronic document processing, CloudTrade’s unique, patented technology, enables companies to evolve past their reliance on paper and transact digitally with their trading partners, irrespective of size or technical maturity. CloudTrade’s solution offers the highest level of accuracy for data extraction and validation on the market and supersedes more traditional capture methods and OCR based technologies. The cloud-based solution, deployment is rapid and at the same time delivering true straight through processing. For more information, please visit: www.cloud-trade.com
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Tags: AP Recovery Audit Software AP Risk Management FISCAL People Managing AP Risk Partner