SAP Concur announces the integration of AvidXchange's AvidPay with Concur Invoice, providing cloud-based accounts payable automation. This integration allows Concur Invoice customers to pay suppliers efficiently through the AvidPay Network, including virtual card and AvidPay Direct (ACH+ product). Customers benefit from fast and secure payments, reduced check processing costs, lower fraud risk, and support from a supplier services team.
A SAP Concur blog post makes a data-driven case for invoice automation. It says the average AP organization spends $9.40 and takes 9.2 days to process a single invoice, and that AP departments with no automation and inconsistent processes cost four times as much per invoice as those with end-to-end automation. 62% of organizations report financial losses from fraud in the last three years; 78% of AP departments increased ePayments last year; 19% experience fraud frequently and 33% occasionally; only 51% can immediately recognize AP fraud; and 36% use no technologies to detect or prevent finance fraud. 33% already use advanced analytics and 22% leverage AI to detect and prevent fraud.