Business payments often lag consumer transactions in adopting automation, and software provider Kofax and Visa are teaming in attempt to shed manual corporate cash flow processes in the Asia Pacific region.
Kofax's Total Agility, Kapow and Altosoft Insight products will include additional transaction information, such as dates and product descriptions from the card network. The products also deliver data in exportable formats for businesses to analyze accounts receivable information.
"Kofax's solution supports Visa in delivering better payment data to businesses and governments that its issuing partners serve today," said Howard Dratler, an executive vice president at Kofax, in a Nov. 4 press release.
Payments executives offer a number of explanations as to why business payments lag consumer payments in automation, including inertia and messaging problems. That's led to a number of companies to aggressively pursue the business payments market, including Billtrust, Bill.com, and Fiserv.