Afternoon Coffee: MineralTree adds analytics and visualization; Tipalti adds AP feature; JBS pays $11 million in ransom after hack

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Accounts payable (AP) and payments automation provider MineralTree announced the addition of an integrated analytics and interactive visualization tool to its software. The MineralTree Analytics capability will immediately be available to all of its invoice-to-pay (I2P) users.

In a press release announcing the addition, the company said the MineralTree Analytics offering will aim to unlock valuable insights into AP workflows, payments optimization, cash flow and security. The new offering consolidates data from various workflows into a visualization of best-practice KPIs. The data is interactive so that users can explore and gain deeper understanding of AP performance to make informed business decisions.

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“Businesses are already using MineralTree to gain valuable time savings and cost efficiencies from not having to perform tedious manual tasks in the invoice-to-pay process,” Elle Kowal, Chief Product Officer at MineralTree, said in the press release. “By embedding real-time analytics into the platform, we are enhancing our customers’ visibility and control over their AP processes, and providing valuable, actionable insights.”

Tipalti adds new capabilities for entity accounts payable processes

Tipalti, a global payments automation platform, announced new capabilities that make it easier for companies with global subsidiaries to seamlessly and securely manage their accounts payable data and processes at the entity level.

While businesses grow, they often add entities with acquisitions and other market moves. But that also adds complexity to the accounts payable structure.

In a press release announcing the additions, Tipalti said its Multi-Entity offerings will allow businesses to manage their AP processes across multiple entities with a consolidated headquarter payer account.

“We have vendors paid in all different currencies, and when we moved to Tipalti we set up funding accounts in each of these currencies to avoid taking a hit on those exchange rates,” Toni Tornell, Controller at United Language Group, said in the press release. “With Tipalti Multi-FX, instead of paying from a USD account to a GBP account, now we can pay directly from our GBP US account to the vendor's GBP account. So, there's no currency conversion happening there, which is better for us and better for our vendor.”

Meat supplier JBS pays $11 million in ransom after hack

JBS, the world’s largest beef supplier, paid about $11 million in ransom to the ransomware hackers who breached its computer networks, according to NBC News.

The company was hacked by a group called REvil in May in a string of disruptive hackings by groups believed to be from Russia. REvil has made millions in recent years through hacking various organizations, encrypting files and then demanding fees. Fees often cover a decryptor program and a promise to not leak files to the public.

In a statement, JBS said it was able to get most of its systems running without REvil, but it chose to pay to keep its files safe.

"This was a very difficult decision to make for our company and for me personally," JBS CEO Andre Nogueira said in the statement. "However, we felt this decision had to be made to prevent any potential risk for our customers."

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