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Spend Management Platform Vroozi Debuts AI Invoice Processing

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Vroozi, the spend management and accounts payable automation platform, has made its Vroozi Intelligence smart accounts payable and invoice automation (APIA) platform available, a press release says.

The release says Vroozi Intelligence brings AI to the AP department with the intent of helping to automate invoice processing.

The tech will help ensure that processes don’t have errors and that cash is managed without risk.

The release says Vroozi Intelligence cuts down the time to process invoices, using AI, machine learning and cognitive data, which help to match, code, resolve exceptions and route for approval.

The platform reportedly adapts so that repetitive invoice processes can become touchless.

“We’re transforming accounts payable from a data entry back-office function to a strategic center of excellence and a high productivity profit driver,” said Shaz Khan, co-founder and chief strategy officer at Vroozi. “According to a Credit Suisse Report, the total addressable market for Global B2B Payments is a staggering $125 trillion, largely because of antiquated data sets, systems, and processes within organizations and a lack of automation and interoperability. We are excited to help mid-market companies bridge these gaps with a powerful platform that digitizes B2B invoices and payments in a matter of seconds.”

The release says the solution will add faster implementation, reduced data entry and detecting fraud and overbilling. There’s also guaranteed global compliance, which will keep them compliant with various country-specific rules.

PYMNTS recently reported on the debut of Vroozi Intelligence, quoting Khan as saying that in 2021 it was unacceptable that procurement and finance teams would still have to use “tedious, manual accounts payable processes to pay suppliers.”

Read more: Vroozi Debuts Automated AP, Invoice Platform

“We developed this new technology to empower our customers around the globe to automate purchase order (PO) and non-PO invoice and payments accurately and efficiently so they can spend their time on what really matters: driving their business forward,” he said.

 

Original Post: pymnts.com

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China’s Economy Grows Despite Int’l Challenges: Turkish Expert

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© Provided by Xinhua

China would continue to contribute to the global economy, especially with the Belt and Road Initiative, and the Regional Comprehensive Economic Partnership (RCEP) agreement, said Turkish economist Sinan Alcin.

ISTA

Original Article: bignewsnetwork.com

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UK PM Boris Johnson Arrives in India for Two-day Visit

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Ahmedabad (Gujarat) [India], April 21 (ANI): UK Prime Minister Boris Johnson on Thursday landed in Gujarat’s Ahmedabad for a two-day visit to India with focus on stepping up cooperation in the Indo-Pacific, giving momentum to negotiations on Free Trade Agreement (FTA) between the two countries as well as enhancing defence ties.
Johnson started his visit from Ahmedabad where he is scheduled to meet with leading business gr

Original Article: bignewsnetwork.com

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Senate Panel Advances Sandra Thompson’s Nomination As FHFA Director

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The Senate Committee on Banking, Housing and Urban Affairs confirmed the nomination of Sandra Thompson to serve as the next director of the Federal Housing Finance Agency, sending her nomination to the full Senate.

The vote passed 13 to 11, with all 12 of the committee’s Democrats and one Republican voting in favor of advancing Thompson’s nomination.

During the session, the committee also approved the re-nomination of Federal Reserve Chair Jerome Powell, the nomination of Federal Reserve Gov. Lael Brainard to be Vice Chair, and Philip Jefferson was confirmed as a member of the Federal Reserve.

Lisa Cook’s nomination to be a member of the Federal Reserve concluded in a tie. Cook, if confirmed by the full Senate, would be the first Black woman to serve on the Federal Reserve board.

Thompson in a statement said that she appreciates the support from Committee members and looks “forward to continuing to work with Congress as [she] fulfills [her] current role as Acting Director while the nomination process proceeds.”

In February 2022, the confirmation process of Thompson and a handful of Fed nominees stalled after Senate Republicans boycotted the vote.

At the time, Pennsylvania Sen. Patrick Toomey, the ranking Republican on the committee, critiqued the nomination of Sarah Bloom Raskin, who was nominated to be vice chair for supervision of the Federal Reserve.

Toomey questioned Raskin’s ties to Reserve Trust Company, a Colorado-based fintech startup that gained access to the Fed’s payment system in 2018. After Democratic West Virginia Sen. Joe Manchin said he would not vote for Raskin due to her views on climate change, Raskin withdrew her nomination.

The committee’s confirmation of Thompson, who has been leading the FHFA since June 2021, will be welcome news to many industry stakeholders and affordable housing advocates who have been calling on her confirmation.

Bob Broeksmit, president of the Mortgage Bankers Association, called Thompson “a breath of fresh air” during the ICE Experience Conference in Las Vegas this week.

“Her administration is really focusing on the ways in which Fannie Mae and Freddie can achieve its mission to make homeownership available and affordable to low- to- moderate income borrowers and to black and Hispanic borrowers who own homes at shamefully lower rates in this country, than people who look like me,” he said. “And I think that Fannie and Freddie, under Sandra Thompson’s direction, will come up with some really innovative ideas.”

Early on in her tenure leading the FHFA, Thompson said that she would prioritize sustainable lending practices and expand credit to underserved communities.

“As a longtime regulator, I am committed to making sure our nation’s housing finance systems and our regulated entities operate in a safe and sound manner,” Thompson said in June 2021, when she was appointed acting director. “We can accomplish this, and at the same time have a laser focus on mission and community investment. There is a widespread lack of affordable housing and access to credit, especially in communities of color.”

Since then, Thompson has made substantial headway. Within three months of her tenure, she set new affordability benchmarks to expand access to credit in underserved communities, made on-time rental payment history part of Fannie Mae’s underwriting process and signed a historic interagency fair lending agreement.

The post Senate panel advances Sandra Thompson’s nomination as FHFA director appeared first on HousingWire.

Source: housingwire.com

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