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Intellect launches iCPX & iAPX to streamline Corporate Procurement and Accounts Payable Processes

By Gloria Mathias

June 03, 2024

  • Cash Management
  • Co-operative bank
  • Corporate Banking
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Intellect Design Arena, Indian Bank, Transaction bank, Corporate banking, Cash Management, eMach.ai, Fintech News, India News, India Fintech, Fintrech News, India Digital, Co-operative bank, iCPX (Corporate Procurement eXchange), iAPX (Accounts Payable eXchange) Intellect Design Arena Ltd has announced the launch of two AI-powered platforms, iCPX (Corporate Procurement eXchange) and iAPX (Accounts Payable eXchange), using eMACH.ai.

These platforms apply ‘First Principles’ Thinking along with embedded GenAI from Intellect’s own Purple Fabric AI platform to extend Intellect’s presence in the Commerce ecosystem by transforming procurement and accounts payable operations for large and mid-sized enterprises.

iCPX is a purpose-driven and open API-based source-to-pay platform aimed at reimagining the corporate procurement ecosystem. Cost overruns, inefficiencies and non-compliance are the main challenges in procurement due to the need for cognitive decision-making, manual content generation requirements and the unavailability of insights at the right time for proactive process interventions. iCPX seamlessly embeds expert AI agents while fostering the API Economy, thus empowering businesses worldwide to achieve efficiency, cost-effectiveness, and strategic agility. Apart from supporting both specification-driven procurement and catalogue-driven procurement, it has 100+ procurement mode variations built-in. With pre-built assets like 111 APIs and 17 microservices, iCPX drives significant value to clients by providing the ability to compose their signature procurement solution quickly. iCPX is also enriched by Intellect’s experience of building and managing one of the largest procurement marketplaces in the world for more than 6 years.

Accounts Payable (AP) processing is the backbone of financial operations for all organizations to ensure efficiency in cash management function along with maintaining healthy supplier relationships. The foremost challenges in Accounts Payable encompass handling a high volume of invoices in disparate formats and ensuring timely payments to suppliers while ensuring compliance with all statutory requirements. iAPX, the comprehensive, patented AI-led Accounts Payable Platform, gives unprecedented accuracy and efficiency to clients in the accounts payable process. By leveraging CDG (Cognitive Data Graph) technology and powered by 12 global patented algorithms and 7 expert agents, iAPX eliminates duplication and discrepancies of invoices by up to 98%. Through cognitive decision-making, automating time-consuming, repetitive tasks and content generation, iAPX reduces the time, cost and compliance concerns of enterprises.

Intellect will drive these products globally through its newly created business line, Intellect Digital Technology for Commerce (iDTC).

Debanjan Kumar, CEO of iDTC said, “iCPX and iAPX will spearhead a transformative shift in corporate procurement efficiency and financial processes with our groundbreaking technologies composed of eMACH.ai. Our steadfast commitment lies in seamlessly integrating cutting-edge AI technologies and empowering businesses globally to achieve unparalleled levels of productivity, cost-effectiveness, and strategic agility.”

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