FIS Recognized as a Leader in IDC MarketScape for AR Enterprise Automation Applications
FIS® (NYSE: FIS), a global leader in financial technology, has officially announced that it has been named a Leader in the IDC MarketScape: Worldwide Accounts Receivable Automation Applications for the Enterprise 2024 Vendor Assessment. This recognition underscores the company’s commitment to advancing financial technology and automation solutions, particularly in the area of accounts receivable (AR) automation. FIS serves this critical market through its award-winning Automated Finance suite of solutions, including the GETPAID™ product, a sophisticated and integrated web-based accounts receivable software solution.
The GETPAID solution is designed to enhance the efficiency of the corporate finance ecosystem, specifically serving the office of the Chief Financial Officer (CFO). By streamlining financial processes, reducing friction, and improving overall operational efficiency, the software empowers organizations to manage their AR processes more effectively. The solution leverages advanced automation technologies to optimize collections, minimize manual inefficiencies, and ensure seamless financial transactions throughout the money lifecycle.
Recognition by IDC MarketScape
IDC MarketScape, a renowned provider of market intelligence and analysis, acknowledged the robust capabilities of FIS’ GETPAID solution in its latest report. The assessment specifically noted, “[The] GETPAID [solution] offers robust functionality across the entire AR process with impressive AI-powered features to enhance productivity and provide more actionable insights. Automation and intelligent processes are integrated throughout to further improve the experience.”
For inclusion in this prestigious report, vendors must meet stringent criteria, including cloud-enablement, diversified product offerings, multinational presence, revenue thresholds, and other key performance indicators. FIS met and exceeded these criteria, solidifying its status as a market leader in the AR automation space.
The IDC MarketScape report further highlighted, “FIS is an experienced player in the AR market, established in 1968, and works with various companies all over the world. With professional services, product, and implementation teams staffed with tenured experts averaging 15+ years of experience in their respective fields, FIS is well positioned to help customers face specific challenges.”
This acknowledgment reflects FIS’ long-standing expertise and innovation in financial technology. The company’s extensive history in the AR automation space, coupled with its deep industry knowledge, positions it as a strategic partner for organizations looking to modernize their finance operations.
FIS’ Commitment to Innovation
Seamus Smith, EVP & Group President of Automated Finance at FIS, expressed his appreciation for the recognition. “It’s an honor for FIS to be recognized by IDC MarketScape,” he said. “Manual inefficiencies, data errors, limited visibility, and high-stakes security issues continue to cause pressure for today’s CFOs and their corporate finance teams. We believe this report validates our investments and capabilities in employing automation to help solve these issues in efficient and cost-effective ways, and I congratulate the team on this well-deserved recognition.”
FIS has consistently focused on leveraging modern technology to enhance financial operations. The company’s Automated Finance suite exemplifies this approach by offering a comprehensive set of solutions designed to address critical challenges in receivables automation, payables automation, and revenue optimization.
How FIS’ GETPAID Solution Transforms AR Processes
The GETPAID solution plays a vital role in transforming traditional AR management by leveraging automation and artificial intelligence (AI). Key benefits of the solution include:
- Enhanced Efficiency: By automating routine AR tasks, GETPAID reduces the manual workload on finance teams, allowing them to focus on strategic initiatives.
- Actionable Insights: AI-driven analytics provide CFOs and finance professionals with valuable insights to optimize cash flow, predict payment trends, and mitigate risks.
- Improved Cash Flow Management: The solution facilitates timely collections and better cash flow forecasting, helping businesses maintain liquidity.
- Advanced Security Features: GETPAID incorporates robust security measures to safeguard financial data and prevent fraud.
- Seamless Integration: The software is designed to integrate seamlessly with existing enterprise resource planning (ERP) systems, ensuring a smooth transition for businesses adopting the solution.
By addressing these critical areas, FIS’ GETPAID solution enables organizations to modernize their financial operations and achieve greater efficiency in managing accounts receivable.
Industry Recognition and Market Leadership
The recognition by IDC MarketScape reinforces FIS’ leadership in the financial technology sector. Kevin Permenter, Research Director of Financial Applications at IDC, acknowledged FIS’ impact on the industry, stating, “We’re happy to recognize FIS in this IDC MarketScape report. FIS was recognized for its automation capabilities and long-established history in the automated finance space and was placed in the Leaders Category, as well. We look forward to seeing how FIS continues to evolve the product and drive innovation in the automated finance space.”
FIS’ leadership extends beyond accounts receivable automation. The company was also named a Major Player in the IDC MarketScape: Worldwide Accounts Payable Automation Software for Large Enterprise 2024 Vendor Assessment report. This report advises technology buyers on selecting accounts payable (AP) applications that align with digital enterprise needs. The assessment emphasizes the importance of user experience, integration capabilities, and strategic vendor selection in enhancing financial management practices.
The Future of Automated Finance at FIS
As businesses continue to navigate an increasingly complex financial landscape, automation is becoming a critical component of corporate finance strategy. FIS remains committed to driving innovation and delivering solutions that empower CFOs and finance teams to achieve greater efficiency and accuracy in their operations.
The company’s future plans include ongoing enhancements to its Automated Finance suite, with a focus on incorporating cutting-edge technologies such as machine learning, predictive analytics, and blockchain-based security measures. These advancements will further strengthen FIS’ position as a leader in financial technology and automation.
