Visa banks on Kofax for transaction data management in APAC
By Digital News Asia November 11, 2014
- TotalAgility will help businesses in accounts payable and receivables management
- Multichannel capture, business process and case management in a single platform
KOFAX Ltd said that Visa has deployed its TotalAgility solution to enhance data and invoice management capabilities in Asia Pacific.
Kofax provides what it calls ‘smart process applications’ for the business-critical first mile of customer interactions. In a statement, it said TotalAgility will help businesses better overcome the challenges they face in accounts payable and receivables management processes that typically stem from a lack of process automation.
Kofax TotalAgility, Kapow and Altosoft Insight analytics products interact with Visa’s B2B (business-to-business) transaction information for business process and corporate cash flow management.
“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,” she added.
The Asia Pacific region is witnessing a revival of corporate spending in analytics platforms, Kofax said in its statement. Gartner has projected that this expenditure could reach US$1.6 billion by 2017.
“Kofax's solution supports Visa in delivering better payment data to businesses and governments that its issuing partners serve today,” said 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,” he added.
Kofax TotalAgility includes multichannel capture, business process and case management, data integration, advanced analytics and mobility in a single platform.
It provides an essential link between an organisation's systems of engagement and systems of record to help increase responsiveness to customers, improve service levels and gain competitive advantage in order to better manage and grow businesses while greatly reducing operating costs, the company said.
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