This development aims to improve financial operations in light of ongoing digital transformation efforts, which remain a key priority for 79% of finance leaders in 2024, according to research by Gartner. Despite the availability of automation tools, many finance teams continue to encounter challenges with manual processes that consume significant time and resources, limiting their ability to engage in higher-value strategic activities, as indicated by IDC.
The new Touchless AP system seeks to address these challenges by fully automating the accounts payable lifecycle. This includes a range of tasks from vendor onboarding to reconciliation, thus minimizing the need for manual intervention. The objective of this system is to allow finance teams to allocate their time and resources more effectively, ultimately supporting business growth.
The platform incorporates several features aimed at enhancing efficiency, including rapid automation of invoice processing, handling approvals, and scheduling payments. This automation is intended to reduce errors and ensure compliance with financial regulations.
In addition to these features, the Touchless AP system offers real-time fraud detection capabilities, monitoring multiple data points to identify and prevent potential fraudulent activities. Enhanced vendor management is another focus of the system, which simplifies onboarding by automating tax and bank account validation processes, along with conducting Office of Foreign Assets Control (OFAC) checks to ensure secure payment processing. Furthermore, the system provides comprehensive spend analytics that delivers insights into spending patterns, enabling organizations to make more informed financial decisions.
Airbase representatives emphasized that the integration of advanced technology is a fundamental principle of the company’s approach. They noted that the goal is to leverage these technological advancements to streamline the accounts payable process, allowing finance teams to focus on more strategic and value-added tasks.
Industry experts have recognized the potential impact of AI-driven solutions on the financial sector. IDC representatives highlighted that such tools offer companies the ability to streamline processes, reduce errors, and ultimately gain a competitive advantage in the market.
With the launch of Touchless AP, Airbase continues to position itself within the landscape of AI-powered procure-to-pay solutions. The new system is now available to all Airbase customers, providing them with an opportunity to enhance their financial operations through improved efficiency and reduced manual workloads.
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