NetChain² is a full AP automation platform, designed to stand alone or augment your current technology offering. We deliver the next generation automation and artificially intelligent accounts payable platform.
The cost associated with a company’s financial operations is rising – increasing by 0.07% of revenue since 2009. The need for true automation is more prevalent then ever. In the last decade, we’ve seen the rise of work flow tools claiming automation, but in reality these products have limited ability to remove manual steps. We’ve seen a great push towards electronic payments, but little has been done to address the unique challenges of the industry. Technology fragmentation and the lack of standardization have reinforced the need to manual document delivery, wasting time and doubling work.
We’re here to optimize the commercial impact of AP and AR, by instantly and intelligently moving money, data, and information. Netchain² creates real automation using artificial intelligence and behavioral data analysis. We’re revolutionizing processing on both the quote-to-cash and procure-to-pay processes. We use predictive modeling to recommend actions that will create the greatest financial outcome – all with a single click.
AT A GLANCE
- Pre-piped integrations, and our patented self-mapping & self-integration technology make deployment a breeze
- Reduce Fragmentation
- 100% Accurate Data Extraction
- Automated & Smart Collection
- Automated Matching, Billing & Distribution
- Electronic Payment Mechanism, built specifically for B2B Payments
- 100% Automated Cash Application
NetChain2 offers unprecedented transparency, collaboration, and data sharing. We are the only platform that allows for heterogeneous data movement, without direct integration. We link any and all technologies into our network via our patented self-mapping technology. Just Connect allows companies to link with all suppliers and clients, so data and information can be seamlessly moved and shared - regardless of their financial platform. We do not require both parties to use and/or pay for our platform to enable this network effect. Data is shifted between companies; all relevant documents are updated automatically when changes are made by a client or vendor; updates and complete transparency are provided to AR, as AP moves invoices through the approval process and queues them for payments; booking entries are automated when invoices are paid; and so much more. We’ve create a linked commerce experience that is inclusive, and more powerful than anything in the industry.
100% accurate data extraction means eliminating all data entry and letting your team focus on more important business needs. Using hundreds of algorithms, our technology reads documents just like the human eye and brain, reaching 99.9% accuracy and effectiveness. For the minute percentage missed, our machine learning technology records and remembers placement, after the first exception handling, enabling it to extract 100% of future data, 100% of the time. This also reduces internal data re-keying, without forcing painful system integrations. Receive and deliver an infinite number of documents – of infinite types – to designated recipients, and Netchain² extracts and populates information into the system. Invoices and credit memo line item data will appear, and documents can be viewed at any time.
Automated & Smart Collection
Using relational data analysis, Netchain² recommends a customized collections process on either an individual account level or at a programmatic level. This drives the greatest outcome by using the lowest level of resources.
Our AI and analysis engine allows collections steps and work flow to be set on a holistic level based on customer tier,and then makes recommendations based on the customer’s response and payment patterns. These steps can be automated or designated as manual steps.
Netchain²’s automated purchase order matching eliminates the need for buyers or procurement to review invoices, giving them the time to proactively manage costs and source the proper suppliers.
Netchain² matches invoices against purchase orders and goods receipts, and approves based on your customized business rules. We can perform 2-way, 3-way, and 4-way matching, while raising invoices for manual review if a designated dollar amount is exceeded, or by a variety of other triggers.
Our automated billing and invoice distribution automates the entire billing and invoice distribution process. Netchain² can pull or accept raw data via EDI, integration, or file upload or retrieval, and create the invoice. Invoices that have already been generated can be pulled or pushed into Netchain² for distribution. Invoices are sent via 3 mechanisms: 1) data migration via linked client, 2) email, 3) sent to file location. This can happen on a predetermined schedule or on demand. On the receiving end, invoices will be routed to the AP designated location, to ensure timely payment. All payments have the ability to be paid immediately with a single click.
Made for b2b payments
Take the paper and manual steps out of payments. Gain greater control and improve efficiencies, without breaking your suppliers’ processes.
We’ve built the first business-to-business payment mechanism that transfer funds, moves the necessary data into the banking lines and delivers it directly to the client. An unlimited number of invoices for an unlimited number of suppliers can be paid with a single click, or payments can be automated based on due date. All remittance is created by Netchain² and approvals determined by on your customized flow and tolerances. We maintain the audit trail and enforce segregation of duties.
Pay invoices electronically, while avoiding large processing fees.
Netchain² can be used by SaaS companies to schedule recurring "pull" payments, without paying costly credit card fees.
Our patented payment engine and mechanism allows companies to create recurring payments, not associated with credit cards and without storing bank details. In addition, we give every client the ability to pay or be invoiced on demand, resulting in drastically reduced DSO and improved cash flow.
automated cash application
Our 100% automated cash application eliminates the need for manual cash applications, and elevates your team’s attention to strategic and value-add projects.
We simultaneously pull payment data from an unlimited number of locations, remove duplicates and apply payments. Wherever data is missing, we run validation and invalidation algorithms to match payments to invoices with the greatest level of certainty. Whenever certainty expectations are not met, the AI reaches out to the sending party for instructions on application.
business targets & Optimization
Set business targets and Netchain² will optimize your process and work flows to achieve these targets.