At SquareWorks, we’re constantly working to improve Automate, our NetSuite-native financial automation platform. This month brings a major milestone with the launch of International Payments within our Payment Automation product, significant Invoice AI enhancements, and platform improvements to strengthen your accounts payable (AP) operations.
International Payments: Now Live for Global AP Operations
We’re excited to announce International Payments is now live for Payment Automation, transforming NetSuite into a global payment platform. This enables you to:
- Streamline Vendor Onboarding: Collect international banking details through secure vendor forms incorporating country-specific compliance requirements.
- Pay International Vendors Seamlessly: Send payments to recipients worldwide, directly from NetSuite, without switching systems.
- Optimize Payment Costs: The system intelligently chooses the lowest cost option between International ACH (iACH), leveraging local rails or SWIFT wire transfer.
- Stay Within NetSuite: Utilize the same intuitive workflow as domestic payments, with real-time status tracking, and familiar approval processes.
Expanding Global Reach
International Payment is available now for USD transactions from US entities to international recipients worldwide, with foreign exchange (FX) support and Canadian entity capabilities on our immediate roadmap. We’re building toward a complete cross-border payment solution that eliminates the complexity of managing multiple banking relationships and payment platforms.
Invoice AI: Advanced Field Extraction Capabilities
AI Directions Now Support NetSuite List Fields
We’ve achieved a significant advancement in Invoice AI capabilities with support for automatic extraction and population of NetSuite list record fields:
- List Record Field Support: AI Directions now supports select NetSuite list fields, including departments, classes, locations, accounts, and custom segments.
- Advanced Field Extraction: Extract locations and other custom segmentation data using natural language directions.
- Intelligent Learning: The platform’s existing learning system now applies to list field extractions, building lookup tables that improve accuracy over time. Learning is scoped to each subsidiary, ensuring accurate coding in multi-entity environments.
- Transparent Control: Review and manage AI’s learned associations through accessible lookup tables for complete control and auditability.
Platform Enhancements: Analytics and Workflow Improvements
Enhanced Data Visibility and Control
We’ve made significant investments into platform analytics and the user experience to help you get more value from your AP automation:
- Export Capabilities: New CSV export functionality on the payee management page enables easier reporting and analysis.
- Improved Audit Trails: Enhanced logging provides comprehensive tracking for compliance and process optimization.
Looking Forward
Our development roadmap includes expanding international payment currency support, continued AI capability enhancements, and deeper automation features designed to eliminate manual touchpoints in your AP workflows.
Ready to explore how these latest SquareWorks Automate capabilities can transform your global financial operations? Request a demo with our team of NetSuite and AP automation experts.
