WebsiteGear Logo Log In
New User? Sign Up
About | Contact | FAQ
  Home News Website Related Website Revenue Tuesday, July 23, 2024 
Add Press Release News | News Feeds Feeds | Email This News Email


40Seas Launches AI-powered Accounts Receivable Platform For Global Trade
Friday, June 21, 2024

NEW YORK, June 17, 2024 /PRNewswire/ -- 40Seas, a dedicated platform to finance, manage and automate B2B payments worldwide, has announced the launch of its all-in-one Global Accounts Receivable solution to simplify credit, risk and invoice management.

The 40Seas Global Accounts Receivable platform centralizes invoice data in a user-friendly dashboard, allowing companies to easily track payment statuses, manage due dates, and expedite invoice approvals, mitigating the risk of payment delays. By connecting their ERP or accounting software, companies can enjoy a streamlined reconciliation process, matching invoices with purchase orders and delivery receipts in real-time, while collecting payments via credit card, direct debit or digital wire transfers in different currencies worldwide. The platform also enables companies to offer extended payment terms of up to 90 days to their customers, without absorbing any credit risk, so they can focus on driving sales volumes rather than debt collection and underwriting payments. 40Seas is available as an API or stand-alone platform, both of which can be seamlessly embedded into checkout portals to improve business flow and deliver more convenience to customers.

Gartner predicts that expenditure on accounts-focused automation and supplier e-invoicing software is set to reach up to $1.75 billion by 2026. The lack of standardized invoicing practices across industries and regions, means that reconciling invoices with purchase orders and delivery receipts can be extremely time-consuming and arduous. Fragmented workflows and limited visibility into invoice statuses can lead to administrative issues and payment delays, ultimately straining relationships with customers.

The launch of 40Seas' Accounts Receivable platform continues the company's strong arc of growth over the past 18 months, having announced its $111 million funding raise in January 2023, which included a $100m credit facility from global shipping giant ZIM, followed by a $6m seed extension and onboarding of new strategic investors. Dozens of companies worldwide are already using the 40Seas AR platform, including e-commerce fulfillment platform Portless, mobile phone accessories brand APLONG, Chinese sourcing agent Jingsourcing, and global e-Bike brand Himiway.

Jonathan Frankel, COO of Portless said: "This partnership will not only reduce our support overhead and enhance our customer success, but it will also be a game-changer for our customers. Imagine running an ecom business with cash no longer being a constraint. Manufacture, sell, and fulfill directly to customers before needing to lay out a cent. This partnership with 40Seas fundamentally changes the economics of ecommerce."

40Seas' flagship B2B Order Now, Pay Later solution enables suppliers to get paid immediately upon shipment, helping them get a head start on their next production cycle, while providing buyers with deferred payment options so they can grow their business without tying up available lines of credit. By leveraging data-driven technology, 40Seas can scalably verify creditworthiness, assess risk and process financing much more efficiently than a traditional bank - making it faster, cheaper and easier for SMEs to access working capital.

Headquartered in New York with offices in Shenzhen, Toronto and Tel Aviv, 40Seas was founded by industry experts with more than 60 years of combined experience in cross-border payments, logistics, and trade financing.

Eyal Moldovan, 40Seas Co-founder and CEO said: "The launch of our Global Accounts Receivable platform represents the latest step in our mission to digitize and streamline key steps in B2B global trade. For too long, error-prone, manual AR processes have undermined productivity for enterprises across the industry spectrum. In today's increasingly congested supply chain landscape, improving cash flow management through automation is an absolute prerequisite for longevity. Our real-time tracking enables companies to easily monitor invoice statuses, identify bottlenecks, optimize workflows and drive business growth."

About 40Seas

40Seas is an accounts receivable management platform built for businesses engaged in global commerce. The company's fully embedded, end-to-end solution not only disrupts legacy trade-financing models by leveraging AI and data-driven technologies enabling 'Order Now, Pay Later'; it digitizes and streamlines invoice-to-cash workflows, FX, and enables various online cross-border payment options. 40Seas empowers all global supply-chain players - importers, exporters, freight forwarders, and sourcing agencies - to grow and scale their business.

Photo - https://mma.prnewswire.com/media/2439250/40Seas_Global_Accounts.jpg

View original content to download multimedia:https://www.prnewswire.com/news-releases/40seas-launches-ai-powered-accounts-receivable-platform-for-global-trade-302173267.html

SOURCE 40Seas



Email This News Email | Submit To Slashdot Slashdot | Submit To Digg.com Digg | Submit To del.icio.us Del.icio.us | News Feeds Feeds

RELATED NEWS ARTICLES
Nav Aurus Integrates Paze for Easy, Convenient Online Checkout Option for Retailers | Jul 23, 2024
Nav ZINFI Releases Comprehensive Guidebook: "Mastering Partner Ecosystems: A Strategic Guide to Success" | Jul 23, 2024
Nav Bousquet Holstein PLLC Provides Notice of Data Security Incident | Jul 23, 2024
Nav Blue Payment Agency Launches Knife-Friendly Payment Gateways for Shopify Websites | Jul 23, 2024
Nav First Choice Dental ("FCD") is providing notice of a data security event | Jul 23, 2024
Nav Travel Insurance Mistakes: 2 Items You Should Never Include in Your Quote | Jul 23, 2024
Nav ZINFI Technologies' Unified Partner Management Solution Now Featured in Microsoft AppSource Marketplace | Jul 23, 2024
Nav Hepsiburada Partners with Warner Bros. Discovery via BluTV Collaboration | Jul 23, 2024
Nav Prosper Marketplace Wins 2024 CSO Award | Jul 23, 2024
Nav IBJ Media Releases Third Annual Indiana 250 List of Influential Hoosiers | Jul 22, 2024
NEWS SEARCH

FEATURED NEWS | POPULAR NEWS
Submit News | View More News View More News