Brex, the first fully unified global spend platform, launched Brex payables — an AI-enabled Accounts Payable (AP) solution, combining enhanced bill pay capabilities and purchase cards. Brex payables offers the controls required by an Accounts Payables team to manage procurement spend seamlessly across invoices and purchase cards, with the flexibility sought by employees for business spend.

The product leverages AI across the lifecycle of an invoice, from receiving and matching to approving and coding, offering unprecedented real-time visibility and control of expenses globally, across all payment types: card, ACH, and wire. And combined with Live Budgets, Brex’s pre-approved spend controls, Brex payables can enforce bespoke expense policies, per vendor or project, and track budgeted versus actuals in real time.

Key Features of Brex Payables

• Total spend management in one place - Empower is the only spend management platform that works across invoices, bill pay, purchase cards, corporate cards, and corporate travel.
• AI automation for bill payments and accounts payable - Brex uses AI to intelligently extract invoice details at an itemized level, match invoices to PO, flag suspicious invoices for fraud, and code invoice details to accounts – all on one unified platform.
• Purchase cards with customizable controls and global capabilities - Purchase cards enable transaction-level approval flows and restrictions designed to provide unique visibility and control to Accounts Payable teams. They include purchase amounts, approved vendors, and/or approved or blocked categories, as well as set monthly or time-based spending limits to ensure that charges are not impacting spending limits.
• Pay vendors globally - Brex customers can pay their bills for international vendors and the purchase cards are global-ready with 3DS, chip and pin protection, and worldwide acceptance of up to 20 different currencies.
• Multiple funding sources - Brex customers can fund invoice payments by connecting their corporate bank account, or use their Brex business account for fast bill payments, through wires, ACH or checks.

Benefits of Brex Payables

• Increased visibility and control over procurement spend - Brex payables provides Account Payables teams with real-time visibility into all procurement spend, both invoiced and uninvoiced. This allows them to identify and address potential risks, such as fraud or overspending.
• Improved efficiency and productivity - Brex payables automates many of the manual tasks associated with accounts payable, such as invoice processing and approval. This frees up Accounts Payables teams to focus on more strategic tasks, such as developing and managing spend policies.
• Reduced costs - Brex payables can help businesses save money on account payables related costs, such as processing fees and labor costs.

How to Get Started with Brex Payables

Once a business is signed up to Brex, they can connect their bank account and begin using the platform. Brex payables is available to businesses of all sizes, in all countries.

Brex payables is a powerful new tool that can help businesses improve their accounts payabales processes. By providing real-time visibility, control, and automation, Brex payables can help businesses save money, improve efficiency, and reduce risk.

About Growpay

Growpay is an online marketplace, helping simplify payment discovery for businesses worldwide. For more information, visit www.growpay.co.