The solution uses AI, machine learning, and optical character recognition to identify a payer, match them to an uncontextualized payment, and match that to an open receivable. Moreover, it gives companies the option of sending an automatic prompt to customers whose debts are outstanding. By leveraging this solution, the bank aims to reduce costs for its large business clients.
The implementation of AI is the latest development in a growing trend of AI deployment by big banks. Important banks are already applying AI across a diverse range of business areas, of which receivables is only the latest. Banks are taking advantage of improvements in the technologys data-crunching abilities in areas like credit scoring to improve their risk assessment methodologies, improve compliance procedures and more.
To date, banks have been turning either to startups like HighRadius, James, and Recordsure, or to solutions from incumbent software providers like IBM, for their AI needs.
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