#Invoice Factoring #Kapwork #Kapwork Verify

Kapwork Launches Kapwork Verify: The Future of Invoice Factoring

Kapwork, a company dedicated to enhancing access to working capital, has recently unveiled a transformative tool named Kapwork Verify. This platform is designed to streamline the invoice factoring process, which has traditionally been hampered by manual efforts and high operational costs. With this launch, Factors can expect a significant reduction in the time and resources spent on invoice verification, potentially decreasing operational expenses by up to 20%.

Why Invoice Verification Matters

Invoice factoring is a centuries-old financial practice where businesses sell their unpaid invoices to a third party, known as a Factor, to obtain immediate cash flow. However, the manual processes involved in verifying the authenticity of these invoices often lead to costly errors and increased risks of fraud. Until now, keeping track of variations in invoice submissions and ensuring their accuracy has been a significant burden on Factors.

Kapwork Verify tackles these challenges head-on by utilizing automated agents that verify invoices across thousands of vendor portals, significantly cutting down the time needed for these tasks. Factors can seamlessly retrieve information from over 1,000 systems including popular platforms like Ariba and ISupplier. This not only expedites transactions but also bolsters the precision of data, thereby enhancing the integrity of the invoice-to-cash process.

Automating Efficiency and Security

Automation is at the core of Kapwork Verify’s functionality. Factors can set Portal Agents to run on demand or at scheduled intervals, ensuring timely access to data. Moreover, the platform maintains stringent security protocols to manage access to vendor portals and sensitive information, meeting compliance standards required in today’s data-sensitive environment.

As stated by Mauricio Vergara, CEO of Kapwork, “Factors have played a crucial role in supporting businesses by providing essential working capital. Our technology aims to automate the tedious processes they face, allowing them to focus on what truly matters: getting capital to businesses when they need it the most.”

Real-world Impact: Success Stories

The impact of Kapwork Verify has already been highlighted by its implementation at TowerCap. Dean Rosenthal, the CEO, noted how their daily operations have been transformed, stating, “The invoice verification saves hours spent on manual checks, allowing us to focus on more important tasks.