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E-invoicing, SCF & E-procurement

Bill.com unveils AI platform for automated payment processes

Friday 24 May 2019 | 10:12 AM CET

US-based business payments company Bill.com has launched an AI-based platform designed for end-to-end automation of payment processes.

Dubbed Bill.com Intelligent Business Payments Platform, the new solution is expected to save time and mitigate manual errors for SMEs and midsize firms. The platform features Intelligent Virtual Assistant (IVA) capability for automated handling of invoices, where approvals are said to be 2-3 times quicker compared to other approaches.

IVA eliminates the need for manual data entry. The capability leverages machine learning to automatically capture invoice data. It also intercepts and identifies human error. Bill.com noted that IVA will recognise workflows, including bill approval routing and payment thresholds, to automatically create business rules on behalf of customers.

Moreover, the new AI platform supports multiple payment types, including international payments and virtual cards, which are usually known to take one to two days for processing. It can also be used to for automatic payment of recurring bills.

More: Link
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