Incremental delivery of business value can be defined through the increasing maturity of the outcomes of the project. These Capabilities provide "bookable" value to the business, instead of individual features.
Many in the agile community see MVF as the way to go. But from the business side "full capabilities" need to be in place for the Value to be "booked" using FASB 86.
No incremental partial "features."
An AP system needs the Capability to "pay" and that means receipt of invoice, 3-way match, approved PO, approved vendor and banking interface