November 18th – In Payment Source article, Kurt Knackstedt talks about the increase in the use RPA (Robotic Process Automation) being applied to the automation of invoice and settlements.

“‘new data from Gartner, estimates the RPA market grew more than 63{8c2dac4bf74a1b89919514939d9be1e88cf65f8b03c36374b4023e2593ebc2eb} last year”

This increase is testament to the importance of optimising the efficiency of the back office. As Knackstedt also points out Wholesale payment is a $115 Billion market, yet are still largely being handled by inefficient manual methods, leading to ‘unnecessary labour costs and substantial errors.’

RPA (as defined by Investopedia*) takes a different approach to EY and Travel Ledger; however, like EY it provides us with another success story of companies investing in account payable automation, which overall increases the efficiency of businesses and lowers processing cost.

Again we are starting to the see an increase in awareness of this time consuming area and how the automation of this is the future for all businesses.

Click on link below to read article in full.

paymentssource.com/opinion/robots-should-take-over-wholesale-payments

*Robotic process automation (RPA) refers to software that can be easily programmed to do basic tasks across applications just as human workers do – Investopedia