TranscendAP, which has been a business unit of Optima Global Solutions since 2018, is now operating as a newly formed company.
The firm was launched by Optima Global Solutions and TranscendAP co-founder and CEO Jeff Weinstein to focus on delivering artificial intelligence (AI)-powered accounts payable (AP) automation solutions to growing enterprises, TranscendAP said in a Wednesday (May 8) press release.
“Building on the hard work of our team, innovative technology and diverse customer base, the market opportunity for TranscendAP is vast, especially as we innovate around AI, machine learning and advanced workflow functionality across our platform,” Weinstein said in the release.
TranscendAP has provided AP automation solutions to mid-market and large enterprises since 2018, according to the release.
The new company and the platform of the same name will continue to build on those solutions, as the latest version of TranscendAP integrates AI, ML and extensive functionality that boosts efficiency and cost effectiveness, the release said.
The platform includes AI-driven document capture; automated two-, three- and four-way purchase order (PO) matching; sophisticated exception handling and escalation; real-time enterprise resource planning (ERP) integration; and a self-service supplier portal, per the release.
Before launching TranscendAP, Weinstein was president and CEO at RightAnswers, president at Calamu and chief growth officer at Traliant, according to the release.
PYMNTS Intelligence has found that full AP automation allows organizations to cut labor costs and reduce the occurrence of errors, enabling mid-sized firms to achieve greater accuracy and efficiency in process management compared to those with partial or no automation.
Over 70% of mid-sized firms reported heightened satisfaction after embracing full AP automation, while only 40% of those employing partial automation reported similar positive results, according to “Accounts Payable and Receivable Trends: What’s Next in Automation,” a PYMNTS Intelligence and American Express collaboration.
In another recent development in this space, AP automation company Basware said in April that it launched an AI-powered fraud/error protection solution called AP Protect.
In March, HighRadius introduced a generative AI-powered solution called Accounts Payable Automation that automates invoice processing and supplier communications.
For all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.