Previse partners with Virtualstock
Previse, an instant supplier payment decision company has partnered with Virtualstock which provides digital supply chain solutions to deliver the first fully integrated purchase to pay supply chain system with cash on delivery for suppliers in the UK.
The two companies will enable clients to merge their accounts payable and procurement functions seamlessly, enabling suppliers to get cash on delivery. Buyers can now manage their catalogues, contract pricing, inventory and purchases through Virtualstock's The Edge platform, while also ensuring their suppliers are paid instantly with Previse's advanced machine learning technology and network of readily available funding.
Previse's AI will utilise real time data on The Edge platform to facilitate instant payment from participating buyers to their suppliers as soon as an invoice is issued. With its ability to instantly and accurately score the risk level of each invoice, Previse's technology will also massively reduce the costs of back office administration for buyers allowing them to focus on the invoices which are most likely to require human attention.
Andrew Mills, CEO and chairman of Virtualstock which includes UK retailers like John Lewis, Argos and Tesco amongst its clients, said : " Our aim is to enable frictionless commerce between B2B buyers and suppliers. When we came across Previse's unique model we instantly saw the synergies with The Edge and the clear benefits for our clients. Now, for the first time, the buyers who use our platform can enable all their suppliers, even the smallest SME they work with, top be paid instantly."
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