SoftCo, a global leader in financial automation software, today announced the release of SoftCo10.4 incorporating new transformative technologies driving touchless automation, increasing the straight-through processing of invoices, meeting compliance obligations and most importantly, reducing costs.

IOFM research confirms that organizations with high levels of automation achieve cost reductions of up to 80%. SoftCo10.4 is a best-in-class solution automating Procure-to-Pay processes and was voted “AP Automation leader” in the 2021 Spend Matters Solution Map.

SoftCo10.4 uses Artificial Intelligence (AI) to achieve the optimum Match levels and Robotics Process Automation to eliminate manual tasks via machine learning capabilities.   The newest version of the SoftCo platform delivers a host of additional features delivering enhanced efficiency, usability, compliance, and security to all customers. SoftCo10.4 Advanced Analytics combines the power of SoftCo real-time reports with Amazon QuickSight Business Intelligence Service, providing users access to a host of new and insightful analytics.

Highlights of SoftCo10.4 include:

• Enhanced Robotics Process Automation (RPA) invoice capture capabilities.
• New AI confidence and aggregate level matching that intelligently matches invoices to the correct PO/ PO line, even when the information on the invoice is missing certain elements.
• Two-Factor-Authentication (2FA) delivering an extra layer of protection for users and organizations.
• Query Management allowing users to efficiently raise, track and action invoice queries within the SoftCo platform.
• Important Security Enhancements to the underlying Microsoft operating system and SQL database versions.
• Improved SoftCo Compliant Archive with Single Instance Storage and simplified Google-type search functionality, with a new user interface delivering enhanced performance.
• Expanded Contract Management allowing financial services organizations manage and ensure their compliance with EBA regulations. In addition, the module handles the control of contract-based spend and lifecycle management and within AP, facilitates self-billing and contract invoice matching.
• Vendor Management, with integrated Vendor Portal, delivering optimized vendor onboarding, purchasing, and the elimination of manual administration.
• Pre-Approved Spend allowing organizations to create, approve, monitor, and report on total budgets for specific projects.
• Integrated real-time data validation via external third-party website services for TIN, VAT, IBAN, sanctions and credit checks of vendors.

Commenting on the new product release, Robert Hickey, Chief Technology Officer at SoftCo, said:

“SoftCo10.4, is our most technologically advanced platform with advanced AI-powered features and Robotics.  Most importantly, SoftCo 10.4 delivers real cost savings for CFO’s with the highest possible levels of touchless invoice processing and cutting-edge Analytics which facilities better reporting and decision making for the Finance team.  The SoftCo Compliance platform ensures organisations meet an ever-growing regulatory overhead.”

For further information about SoftCo 10.4, please click here