C2FO, Vic.ai Pair Working Capital Platform, IA

C2FO and Vic.ai have partnered on an artificial intelligence (AI)-powered invoice acceleration solution that they believe will help corporate customers reduce payment cycles in their supply chains.

The solution uses C2FO’s global platform for working capital and Vic.ai’s AI for autonomous accounting and financial management, according to a Tuesday, August 23 press release.

“This partnership reinforces our promise to help businesses improve margins, expand access to working capital and drive growth,” said Allison Baker, senior vice president and head of partnerships at C2FO, in the communicated.

C2FO’s working capital platform cuts the payment cycle by an average of 32 days, and Vic.ai’s AI for standalone APs reduces invoice processing time by 80%, according to the press release.

Beyond that, C2FO’s platform enables businesses to maximize operational cash flow, improve supplier relationships and optimize purchasing, while Vic.ai’s AI minimizes processing time and ‘invoice approval,’ Aditi Charnoubi, chief growth officer of Vic.ai, said in the statement.

With the new solution that combines these capabilities for joint customers, “companies can gain comprehensive cost insights and optimize spend based on industry benchmarks,” Charnoubi said.

At the time of Vic.ai’s funding announcement last fall, the company reported that its AI platform had processed more than 535 million invoices with 95% accuracy, and as a result, more of 2,000 corporate finance and accounting clients had made nearly $70. million in cost savings and 6 million hours in time savings.

Read more: Vic.ai CEO: Accounting needs an AI-driven overhaul to streamline invoice processing

Even in the age of automation, however, there is still room for the human touch, Vic.ai co-founder and CEO Alexander Hagerup told PYMNTS in an interview published in September 2021.

“Accountants still play a vital role, but instead of spending much of their time and energy on mundane and repetitive tasks, their day-to-day work can shift to higher-level, more valuable jobs and opportunities” , Hagerup said.

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