FlexTecs Updates FlexTrap Tool to Capture Payments Discrepancies

Payment accuracy solutions company FlexTecs has expanded FlexTrap, its payment discrepancy detection tool.

First introduced with a focus on payment error prevention, the artificial intelligence (AI)-powered FlexTrap is now a “fully extensible platform,” featuring supplier statement reconciliation to reduce financial leakage and bolster financial operations, the firm said in a news release Tuesday (March 18).

“Companies lose millions annually to errors, inefficiencies and financial risks, making payment accuracy and reconciliation more critical than ever,” said Tom Cook, CEO of FlexTecs. “By expanding FlexTrap’s capabilities beyond payment error prevention, we’re giving enterprises a scalable, future-ready solution to proactively safeguard profits.”

According to the release, the platform’s new statement reconciliation feature lets companies automate transaction validation with suppliers, saving time and boosting efficiency.

“FlexTrap is a game-changer for Tidewater’s global AP team. It helps us catch duplicate payments before they happen, reduces errors and financial leakage across our operations,” said Jeff Ng, director of shared services at Tidewater, which operates offshore support vessels for the energy industry.

“Specifically, the ability to customize validation checks to fit our internal policies makes a big difference, and the real-time alerts keep us ahead of potential issues. FlexTrap has become an essential tool in keeping our payment processes accurate and efficient.”

The product launch comes at a time when many accounts payable (AP) departments are still wedded to outdated practices, as PYMNTS wrote last year, citing data from the PYMNTS Intelligence/Finexio collaboration “Automating Accounts Payable for Cost Savings.”

“With rising business-to-business (B2B) payment volumes and cumbersome manual systems still in place, companies are prioritizing AP automation,” that report said. “Many companies face hurdles due to antiquated AP processes. About half of the invoices received by the average enterprise are still paper documents, and 38% of payments are processed manually.”

This dependence on out-of-dated methods is a problem, with nearly 80% of businesses projecting growth in the volume of payments made through their AP systems in the years ahead. In addition, 34% of companies manage more than 5,000 invoices each month, highlighting the need for more streamlined tactics.

Making matters more complicated, 60% of large enterprises — those with revenue of $10 billion to $20 billion — use at least five different AP systems.

“This fragmented tech environment can lead to inefficiencies, delays and increased risks of human error, making the case for automation more compelling,” PYMNTS wrote.

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