C2FO, the largest global platform for working capital, today announced a new partnership with Vic.ai, a provider of artificial intelligence (AI) for autonomous accounting and financial management.
Through this partnership, C2FO and Vic.ai will provide their enterprise customers with a flexible AI-driven invoice acceleration solution that helps increase gross margins, further reduces the payment cycle for their supply chains, and improves the ROI for accounting and finance teams.
Vic.ai is pioneering the use of autonomy and intelligence to digitally transform accounting and finance processes to improve productivity, decision-making and ROI. Vic.ai addresses the most manual and inefficient task in accounting — invoice processing — to improve speed and scalability, enabling customers to reinvent their accounts payable operations and improve financial management. The company increases finance teams' productivity with AI that works 24/7 on processing invoices faster and more accurately. The AI's dramatic results include cutting customers' total invoice processing time by 80%.
C2FO connects over 1.8 million businesses and more than $110 billion of daily accounts payable and accounts receivable available for early payment. In 2022, the company achieved a historic milestone, having accelerated funding of more than $200 billion to companies worldwide since its founding. The C2FO platform reduces the payment cycle by an average of 32 days. Adding the power of Vic.ai's market-leading artificial intelligence and accelerated payments will further improve the invoice-to-cash cycle for joint customers.
"This partnership furthers our pledge to help businesses improve margins, expand access to working capital and drive growth," said 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'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," said 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."