Spend Matters Names OpenEnvoy a 2022 Future 5 Provider

OpenEnvoy's AI for Accounts Payable is recognized for its innovative technology and clear momentum toward solving the industry's biggest business challenges

OAKLAND, Calif., Oct. 20, 2022 /PRNewswire/ -- OpenEnvoy, the industry-leading Bay Area fintech that offers AI for accounts payable, announced today that the company was named as a leading vendor on Spend Matter's Future 5 providers list.

OpenEnvoy goes beyond theoretical promises of operational efficiency and savings to deliver its customers hard dollar returns and real-time spend insights. "We're excited to be named a Future 5 automation company and will continue to push the boundaries of what is possible for financial software." expressed Matthew Tillman, CEO of OpenEnvoy.

With unparalleled audit technology, the AP automation vendor has proven its ability to eliminate spend wastage faster than any other AP solution.

"OpenEnvoy is an OK-to-Pay AP automation vendor that processes all types of invoices, but stands out for its ability to handle high volume, variable cost invoices," says Xavier Olivera, Lead Analyst and Editor, at Spend Matters.

He goes on to say, "[OpenEnvoy] specializes in digitizing and reconciling complex invoices such as those relating to logistics (including freight) and manufacturing industries, providing a differentiated value-add against other solutions in the market." OpenEnvoy also supports other complex industries, such as media and commodities.

In a recent vendor analysis on OpenEnvoy, Spend Matters' Analyst, Meena Ibrahim recognized OpenEnvoy's unique approach to AP automation:

• Precision and speed - OpenEnvoy digitizes highly intricate invoices from complex industries.
• Going beyond invoice processing - OpenEnvoy provides real-time spend insights via customizable reporting and executive dashboards.
• Guaranteed ROI - The preventative solution eliminates spend wastage for large enterprise companies through automated invoice processing.

Most modern AP automation solutions cannot ensure accuracy, minimize risk, or maintain audit compliance.

"OpenEnvoy addresses these challenges by offering a solution that provides services such as digitization, fraud detection, reconciliation (2/3/4/n-way matching), OK-to-Pay and ERP Syncing (Vendor Master File, Payment Data, etc.) for both freight-related payments and other complex industries. By doing so, OpenEnvoy aims to eliminate wasted spend, human error, and unnecessary complexity", says Ibrahim.

The Future 5 list is a competitive and distinguished recognition for startups demonstrating the most impressive procurement technology.

Learn how OpenEnvoy is transforming accounts payable by scheduling a demo with an OpenEnvoy expert today.

OpenEnvoy enables finance teams with visibility, automation, and cash flow solutions. Learn how OpenEnvoy helps prevent wasted spend by visiting https://www.openenvoy.com. Read more at Future FinOps or follow @OpenEnvoy on Twitter and LinkedIn.

For Press inquiries, please contact Courtney James at [email protected].

SOURCE OpenEnvoy