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E-invoicing, SCF & E-procurement

Legendary's Virtualstock collaborates with Previse on AI invoicing

Wednesday 28 March 2018 | 01:51 PM CET

Virtualstock has partnered with AI-based instant supplier payment decision company Previse to deliver a purchase-to-pay supply chain system with cash on delivery for suppliers in the UK.

The two British supply chain technology companies would enable clients to merge their accounts payable and procurement functions, allowing suppliers to get cash-on-delivery.

Buyers would be able to manage their catalogues, contract pricing, inventory and purchases as well as track deliveries through Virtualstock's 'The Edge' platform, while also ensuring their suppliers were paid instantly with Previse's machine learning technology and network of readily available funding.

Previse's artificial intelligence would use real-time data on The Edge platform to facilitate instant payment from participating buyers to their suppliers as soon as an invoice was issued.

With its ability to instantly score the risk level of each invoice, Previse's technology would also reduce the costs of back office administration for buyers by allowing them to focus on the invoices which were most likely to require human attention.

Through this partnership, companies will be able to see what they've bought and where it is in real time, while suppliers will instantly receive payment for delivering their goods.

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