Vertice has launched a procure-to-pay product as it looks to extend its procurement software beyond intake and sourcing into invoice handling, purchase-order matching and payments.
The London-based company said the new capability is designed to give finance and procurement teams a single record that links an original request to approvals, contracts, purchase orders, invoices and payment activity. In its announcement, Vertice said the aim is to reduce time spent reconciling invo...
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ices, improve spend controls and give teams more accurate context for budgeting and cash management.
The firm claims the software can help customers speed up payment cycles, resolve invoice disputes and secure better supplier terms. It also says the system uses AI to classify invoices, extract data, match documents against purchase orders and contract terms, and add general-ledger codes and audit trails.
Vertice is positioning the launch as a natural extension of its existing intake-to-procure business, where it says it has built a reputation for procurement workflow automation. The company said its broader intelligence dataset covers $75 billion of spend across 32,000 vendors, which it says allows finance teams to compare contract terms with current market conditions and identify pricing shifts, discount opportunities and working-capital improvements.
Chief executive Eldar Tuvey said in the company’s statement that more than 10% of contract value can be lost after signature through missed discounts and weaker payment terms, adding that finance teams need greater visibility if they are to prevent value leakage. He said the platform was intended to help customers improve budgeting, remove discrepancies and accelerate innovation.
IDC’s Patrick Reymann, research director for procurement applications and agents, said in the statement that Vertice had built a strong reputation in intake-to-procure and that bringing its context and data into procure-to-pay was a logical next step. He said the move had the potential to be differentiating.
Vertice said early customers using the system had already seen faster payment cycles, improved supplier terms or sharper cost forecasts across more than 80% of vendors processed through the platform. The company also said customers were using the software to recover working capital, capture early-payment discounts and adjust budgets as supplier pricing changes.
The launch comes as enterprise finance teams continue to look for ways to connect procurement decisions more closely with payment operations, particularly in areas such as invoice validation, cash-flow planning and supplier negotiations. Vertice said Procure-to-Pay is available immediately as part of its platform.
Source: Noah Wire Services
