C2FO and Vic.ai are working to reduce payment cycles and narrow payment windows for companies and their supply chains.
FREMONT, CA: "This partnership furthers our pledge to help businesses improve margins, expand access to working capital and drive growth," says Allison Baker, senior vice president and head of partnerships at C2FO. "We're continuing to build out our partner ecosystem and collaborate with best-in-class technologies, like Vic.ai, to serve more businesses and improve their working capital strategies." C2FO, the world's leading platform for working capital, has cooperated with Vic.ai, a supplier of artificial intelligence (AI) for autonomous accounting and financial management. Through this agreement, C2FO and Vic.ai will provide their enterprise customers with a configurable AI-driven invoice acceleration solution that increases gross margins, significantly shortens the payment cycle for their supply chains, and enhances the return on investment for accounting and finance teams.
Vic.ai is a pioneer in applying autonomy and intelligence to digitally alter accounting and finance processes to enhance productivity, decision-making, and return on investment. Vic.ai targets the most manual and wasteful accounting job—invoice processing—to improve speed and scalability, enabling clients to reimagine their accounts payable processes and enhance financial management. AI that works 24/7 to process invoices more quickly and precisely boosts the productivity of the company's finance employees. The AI's remarkable outcomes include an 80 percent reduction in the time required to process customer invoices.
C2FO connects approximately 1.8 million firms and more than $110 billion in daily payables and receivables eligible for early payment. The company reached a significant milestone in 2022, having advanced more than $200 billion to enterprises globally since its establishment. The C2FO technology shortens the typical payment cycle by 32 days. Adding the market-leading artificial intelligence capabilities of Vic.ai and expedited payments would further enhance the invoice-to-cash cycle for joint clients.
"C2FO's best-in-class working capital platform is a proven game changer for enterprises, enabling them to maximize operational cash, improve supplier relations and optimize procurement," says Vic.ai Chief Growth Officer Aditi Charnoubi. "Paired with Vic.ai's industry-leading AI for autonomous AP, which minimizes invoice processing and approval time, businesses can gain complete cost insights and optimize spend based on industry benchmarks."
