Symbeo, a CorVel Company, launches payment solution purpose-built to meet today’s B2B challenges

Rhea-AI Summary

Symbeo, Inc. (CorVel): Launches New Payments Solution for Accounts Payable Invoice Automation in Partnership with Corpay, Promising Improved Security and Efficiency. President Tomika A. Russell highlights the product's benefits, including fraud detection, supplier onboarding, attrition, and vendor resolution, as well as the potential for increased market capitalization and value unlocking through tighter financial controls.

New solution for payment automation drives success, improved security for enterprise and mid-market-size organizations

PORTLAND, Ore., July 25, 2023 (GLOBE NEWSWIRE) -- Symbeo, Inc., a CorVel company, has launched a new solution for Payments as part of its offering for Accounts Payable Invoice Automation.

In partnership with Corpay, the global leader in business payments with a comprehensive and trusted suite of online payment solutions, Symbeo’s Payments product streamlines the payment process, expands working capital, and cuts cost by removing manual processes, contributing to a modern work environment with automated invoice and payments approvals, centralized controls, and the agility to respond to environmental factors quickly.

“With our Payments product, customers solve a number of their most problematic pain points, including fraud detection, supplier onboarding, attrition, and vendor resolution. High volume transactions executed with full transparency throughout the payment cycle provide tighter financial controls to safeguard the bottom line. Undoubtedly, customers can increase their market capitalization with existing spend, to unlock the value in payables.” — Tomika A. Russell, President of Symbeo.

For decades, customers have trusted Symbeo to deliver accounts payable (AP) automation with the blend of cutting-edge technology, processes, and a human-in-the-loop, when necessary. With the addition of Payments to its modular AP Automation suite of solutions, Symbeo brings a complete invoice-to-pay platform to the market that saves time and costs by consolidating vendor invoice approvals and payments into a single workflow. Customers can grow their business, reduce cycle times, and manage transparency throughout the value chain while improving employee experience.

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 focus on what matters most. 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 managing of episodes of care and the related health care costs. We partner with employers, third-party administrators, insurance companies and government agencies in managing worker’s 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, backed by a national team to support clients as well as 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, and 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 network solution services and the Company’s continued investment in these and other innovative technologies, and statements relating to the Company’s Symbeo operations. 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, 2023 and the Company’s Quarterly Report on Form 10-Q for the quarters ended June 30, 2022, September 30, 2022, and December 31, 2022. 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.symbeo.com

FAQ

What is Symbeo, Inc.'s new solution for Payments and what is it part of?

Symbeo, Inc. has launched a new solution for Payments as part of its offering for Accounts Payable Invoice Automation, in partnership with Corpay.

What are the key benefits highlighted by President Tomika A. Russell for Symbeo's Payments product?

The benefits highlighted include fraud detection, supplier onboarding, attrition, and vendor resolution, as well as the potential for increased market capitalization and value unlocking through tighter financial controls.

How does Symbeo's Payments product contribute to a modern work environment?

The Payments product streamlines the payment process, expands working capital, and cuts costs by removing manual processes, contributing to a modern work environment with automated invoice and payments approvals, centralized controls, and the agility to respond to environmental factors quickly.