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Symbeo partners with Amazon Business to extend the reach of its RapidInvoice AP automation solution

By: CorVel Corp. via GlobeNewswire

July 09, 2024 at 07:08 AM EDT

PORTLAND, Ore., July 09, 2024 (GLOBE NEWSWIRE) -- Symbeo, Inc., a CorVel Company, has partnered with Amazon Business App Center to deliver its RapidInvoice, an AI-enabled optical character recognition (OCR) product. The partnership is a significant stride into the mid-market and SMB market, as more companies are drawn to e-commerce platforms such as Amazon’s B2B marketplace. This move allows customers to leverage wholesale pricing for goods and services, with the added advantage of integrated payment reconciliation to financial systems, promising a future of enhanced efficiency and cost-effectiveness.

Symbeo RapidInvoice is an accounts payable (AP) automation solution for Amazon Business customers that provides receiving, tracking, document separation and classification, and AI-enabled OCR for improved financial reporting and reconciliation. Customers will realize easy setup within five business days, eliminate waste, improve visibility for purchasing power, and proactively manage cash flow for current and future financial needs.

“At Symbeo, we will continue to transform the future of payables. This partnership will empower our joint customers with cutting-edge AP automation technology with the convenience of Amazon Business. This collaboration with Amazon Business reflects our commitment to delivering successful AP automation with innovative technology and strategic partnerships. By simplifying procurement processes and offering convenience of one-stop shopping, this partnership enables businesses of all sizes to drive efficiencies and maximize ROI.”– Tomika Russell, Symbeo President

For nearly three decades, customers have trusted in Symbeo to deliver successful AP automation. Our track-record of using cutting-edge technology, streamlined processes, and customer engagement has helped fuel sustainable growth and unlock purpose beyond payables. This trust is the foundation of our partnership with Amazon Business and the driving force behind the launch of RapidInvoice on their platform.

About Symbeo
Symbeo helps businesses everywhere build efficiencies between payors and payees for corporate accounts payable (AP) business-to-business transactions with true AP automation. As an industry leader for over 25 years, we remove the manual invoice process burden by navigating emerging technologies, including Artificial Intelligence, Machine Learning, and intelligent OCR solutions, to optimize the P2P ecosystem from invoice receipt through payments. In harnessing the power of automation, we create a paperless environment that helps our customers achieve sustainability goals and unlock purpose beyond payables. Learn more at symbeo.com or call us at 888.722.6663.

About CorVel
CorVel Corp. applies technology, including artificial intelligence, machine learning, and natural language processing, to enhance the management of episodes of care and related health care costs. We partner with employers, third-party administrators, insurance companies, and government agencies in managing workers’ compensation and health, auto, and liability services. Our diverse suite of solutions combines our integrated technologies with a human touch. CorVel’s customized services, delivered locally, are backed by a national team to support our partners and their customers and patients.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
All statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on the Company’s current expectations, estimates, and projections about the Company, management’s beliefs, certain assumptions made by the Company, and events beyond the Company’s control, all of which are subject to change. Such forward-looking statements include, but are not limited to, statements relating to the Company’s managed care services and the Company’s continued investment in these and other innovative technologies and statements relating to the Company’s workers’ comp service offerings. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties, and assumptions that could cause the Company’s actual results to differ materially and adversely from those expressed in any forward-looking statement, including the risk that the impact of the COVID-19 pandemic on our business, results of operations and financial condition is greater than our initial assessment.

The risks and uncertainties referred to above include but are not limited to factors described in this press release and the Company’s filings with the Securities and Exchange Commission, including but not limited to “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended March 31, 2024, and the Company’s Quarterly Report on Form 10-Q for the quarters ended June 30, 2023, September 30, 2023, and December 31, 2023. The forward-looking statements in this press release speak only as of the date they are made. The Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason.

Contact: Melissa Storan
Phone: 949-851-1473
www.corvel.com