Yooz, SnapCheck target back-office payment speed, efficiency
Automated payment technology provider Yooz North America is partnering with digital payment provider SnapCheck to help companies speed up accounts payable processes, while cutting operational and fraud costs.
Dallas-based Yooz deploys artificial intelligence, machine learning and optical character recognition to automate the payment processing workflow. Companies can deploy the Yooz cloud-based invoice payment process to capture data and export payments.
SnapCheck says it creates digital checks to convert the information of traditional business checks into a safer and faster payment method, with the software operating within a bank, business or credit union system. The company estimates it gives clients across the globe the ability to save more than $50 billion a year in supplies and operational costs and $20 billion a year in fraud losses
“Yooz carefully evaluated digital payments providers as potential strategic partners, and the reasons why SnapCheck is a leader in the digital payments industry immediately became clear,” Yooz North America's chief operating officer and chief innovation officer, Laurent Charpentier, said in a Tuesday press release. “Many businesses still prefer to pay vendors and suppliers by check, and our combined solution will flawlessly automate and digitize from end-to-end what used to be a very manual and time-consuming process.”
The companies estimate the partnership will help companies reduce the cost per invoice from an average of $16 to an average of $3.
“It’s a great opportunity to partner with Yooz to help businesses modernize their accounts payable processes," SnapCheck CEO Ken Kruszka said in the release. "Through the combination of Yooz’s invoice management automation platform and SnapCheck’s instant digital check payments, businesses can achieve an entirely paper-free back office.”
In addition to its Dallas headquarters, Yooz also has offices in France and the U.K.