Esker has expanded its Source-to-Pay (S2P) platform to include new features focused on helping businesses comply with environmental, social and governance (ESG) regulations worldwide.
These features are designed to help chief financial officers (CFOs) manage continually evolving regulatory frameworks, mitigate risk and enhance visibility, reporting and collaboration, the company said in a Tuesday (July 9) press release.
“Embracing sustainability isn’t just a choice, it’s a strategic imperative,” Catherine Dupuy-Holdich, S2P product manager at Esker, said in the release. “Companies must weave ESG concerns every thread of their S2P fabric, since it’s not just about transactions but about transforming the entire supply chain into a force for sustainability.”
The new capabilities of the company’s S2P platform track ESG metrics, monitor the performance of these indicators and identify areas that can be improved, according to the release.
They provide a clear picture of a company’s environmental impact via transparent reports and easy-to-read dashboards, the release said.
Esker’s global platform also helps companies identify suppliers that are aligned with their sustainability objectives, evaluate and select suppliers based on ESG scores, and purchase products and services that are eco-friendly and energy efficient, per the release.
“Esker Accounts Payable enables companies to anticipate and identify invoices at risk of late payment, to safeguard financial stability and support ethical business practices,” the company said in the release. “Esker also offers dynamic discounting, thereby contributing to healthy relationships with suppliers and a more sustainable business model.”
The integration of artificial intelligence (AI) and machine learning are set to further enhance the capabilities of digital payment systems, Ari Widlansky, managing director and U.S. chief operating officer at Esker, told PYMNTS in an interview posted in June.
These technologies can provide deeper insights into customer behavior, optimize payment processes and predict future trends.
“Esker is at the forefront of AI integration, with 25% of our 1,100 employees worldwide focused on R&D,” Widlansky said.
In another recent move, Esker and EY Services France said in June that they teamed up to help companies manage the emergence of disruptive technologies and regulatory changes.
Their alliance comes at a time when companies are facing regulatory changes that include the implementation of the Corporate Sustainability Reporting Directive (CSRD) in Europe.