American Categorical has launched American Categorical One AP, the corporate’s first proprietary automated accounts payable (AP) answer, based on the official press launch. The answer helps US companies to course of provider funds, and it’s constructed on the expertise acquired as a part of the corporate’s buy of acompay in 2019. American Categorical One AP affords end-to-end fee processing that helps a number of fee strategies, together with digital card funds, test, and ACH.
At the moment, many enterprise leaders are in search of options to their fee course of challenges, notably contemplating the extreme disruptions attributable to the COVID-19 pandemic. In keeping with a current American Categorical One AP Survey, 84% of US enterprise determination makers mentioned they really feel optimistic about transitioning to a digital funds system. Nevertheless, 79% of respondents nonetheless relied on paper checks for at the least a few of their provider funds earlier than COVID-19, and 44% mentioned most of their funds weren’t made digitally earlier than the pandemic.
Respondents additionally recognised that digitising their accounts payable course of can deal with widespread ache factors, with greater than two-thirds (68%) citing elevated effectivity and time financial savings as a vital motive to improve, in addition to bettering fee accuracy (43%), realising long-term value financial savings (37%) and bettering cash circulate administration (34%). As well as, greater than one-third (35%) of respondents mentioned the affect of COVID-19 has made them take into account altering how they course of funds.