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Vic.ai launches Payments

Friday 1 September 2023 09:06 CET | News

AI autonomous finance platform Vic.ai has launched Payments, an end-to-end finance solution for accounts payable teams. 

Vic.ai’s Payments is available for all US customers and the solution’s objective is to reduce time and risk while improving cash flow by integrating all components of AP processing. The product has invoice-to-payment technology, as well as an end-to-end system powered by artificial intelligence.

AI autonomous finance platform Vic.ai has launched Payments, an end-to-end finance solution for accounts payable teams.

Officials have stated that they aim to help customers control and increase their cash flow throughout their invoice process and to bring AP departments closer to autonomous finance. At the moment, several companies still pay their invoices with checks, a method that is time-consuming and high-risk, as well as prone to error and fraud. Moreover, having various payment vendors is labour-intensive and poses challenges for end-to-end visibility, while late payments may harm reputations and affect relationships. 

Vic.ai Payments’ features

Vic.ai Payments offers a single, secure workflow for customers to pay their invoices to any vendor, with their preferred method, including check, ACH, virtual card, or international. The proprietary AI, which has been upgraded to increase accuracy and predictions for customers, enables AP teams to process and approve invoices with less human oversight.

The product offers other additional benefits, including:

  • A simplified experience, as customers can pay with virtual cards for rebates, vendor discounts for early payments, or partial payments to earn more interest;

  • Vendor relationship management, as the onboarding process and payment optimisation are handled by Vic.ai;

  • A seamless integration with ERPs, further reducing workload for AP and IT employees.

Artificial intelligence for invoice processing

AI algorithms can automatically extract data from invoices, including vendor details, invoice numbers, dates, and amounts, therefore decreasing human intervention and the issues that may arise with it. Moreover, artificial intelligence aids in validating invoice data by cross-referencing with other sources, preventing duplicate payments, and ensuring compliance with internal regulations.

Businesses can also use AI-driven AP solutions for managing complex payment terms and arrangements, as they can analyse historical payment data and trends and predict the optimal payment timing. Through this, early payment discounts can be increased, while late payment penalties are averted.

According to the Institute of Financial Operations and Leadership, only 9% of AP departments are fully automated now, however, the figure is projected to increase substantially in the next years, with two-thirds of finance professionals expecting to fully automate their department by 2025. 

More information about Vic.ai

Vic.ai aims to enable the use of autonomy and intelligence to digitally improve accounting and finance processes, while also increasing productivity, decision-making, and return on investment (ROI).

The company’s solutions, including Autonomous Invoice Processing and Approval Flows, generate ROI for customers by allowing them to process invoices and purchase orders continuously, with increased accuracy. Furthermore, they aim to facilitate faster month-end closes and free up resources for higher-value functions. Other in-development offerings include Spend Intelligence, a prescriptive AI technology for enterprise-grade cost optimisation. 

Source: Link


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Keywords: payments , product launch, artificial intelligence, e-invoicing, digitalisation
Categories: Payments & Commerce
Companies: Vic.ai
Countries: United States
This article is part of category

Payments & Commerce

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Vic.ai

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