TranscendAP Adds Improved Purchase Order Matching to AP Platform

TranscendAP has added new artificial intelligence (AI) and machine learning (ML) functionality to its accounts payable (AP) platform for mid-market and large enterprises.

The new TranscendAP 8.5 includes customizable dashboard widgets that offer visibility into invoice automation, improved two-way and three-way purchase order (PO) matching, and an enhanced supplier portal that simplifies vendor onboarding and offers self-service capabilities, the company said in a July 17 press release.

“The new version of TranscendAP provides accounts payable departments as well as their organization’s vendor and supplier ecosystem with new capabilities to manage POs and invoices more efficiently while reducing manual processes and exception handling,” Simon Yelsky, chief product officer of TranscendAP, said in the release.

TranscendAP 8.5 includes AI-driven document capture; automated two-, three- and four-way PO matching; exception handling and escalation; real-time enterprise resource planning (ERP) integration; and a self-service portal, according to the release.

This latest version of the platform also features enhanced business unit segregation for managing the unique needs of different departments; automated vendor invoice rejection and the ability for vendors to amend their invoices; and more automation around units of measure (UOM) handling, per the release.

“Our platform can be easily configured to support the most complex AP processes and the integration of AI and machine learning provides tools to intelligently capture and route inbound remittance for approvals, thus achieve straight-through processing,” Yelsky said in the release.

TranscendAP announced in May that it is now operating as a newly formed company after having been a business unit of Optima Global Solutions since 2018.

The firm was launched by Optima Global Solutions and TranscendAP co-founder and CEO Jeff Weinstein to focus on delivering AI-powered AP automation solutions to growing enterprises.

“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 a May 8 press release.

Yelsky joined the company as chief product officer in May to lead the development of the TranscendAP platform.

“TranscendAP is uniquely positioned to disrupt the AP automation market utilizing AI, machine learning and other innovative technologies,” Yelsky said in a May 29 press release.

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