Tipalti reveals its AI and ML solution Tipalti Pi for accounts payable

Tuesday 31 March 2020 11:29 CET | News

Tipalti has revealed Tipalti Pi, an integrated payables intelligence engine that employs AI and machine learning to make the entire payables process smarter. 

The technology is available automatically to all Tipalti customers, and it proactively identifies fraud and risk, eliminates AP process errors, facilitates decision-making, and automates manual work. There will be no additional cost to customers throughout the entire Tipalti platform from supplier onboarding payment validation to tax form verification, invoice processing, duplicate detection, PO matching, approval workflows, and fraud detection. 

Tipalti Pi is designed to aid in a variety of ways throughout the payables process, including:

Reducing risks and errors: Duplicate bill/invoice entries, supplier data errors, compliance and fraud risks are the bottlenecks that can cause havoc to payables processing. Tipalti Pi identifies and mitigates AP issues like:

  • Validating supplier profile and payment data using over 26,000 global rules to eliminate payment errors by 66%;
  • Pinpointing potential fraud risk;
  • Identifying duplicate invoices;
  • Facilitating PO matching and discrepancy detection.

Optimising payables workflow: Combined with invoice scanning using its built-in, intelligent OCR functions, Tipalti Pi works in the background to assign proper approval routing and General Ledger (GL) coding at both the bill and bill line level. Tipalti Pi learns to record bill fields for line-level charges (expense accounts, departments, classes, locations, projects, cost centre, entity, custom fields etc.). 

Providing control for controllers: Tipalti Pi acts as an AI assistant to expose areas and processes that could use more attention while ensuring that a human is in control of financial actions. 

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Keywords: Tipalti, artificial intelligence, accounts payable, payables automation, AI, fraud detection, onboarding, tax verification, invoice, compliance, risks, accounts
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime