Bill.com leverages AI for Business Payments Platform
Bill.com has introduced what it says is the industry’s first platform leveraging artificial intelligence (AI) to provide end-to-end financial workflow automation. The Bill.com Intelligent Business Payments Platform streamlines and controls payment processes while saving SMEs and midsize companies time and reducing human error.
The platform aims to save business customers a substantial block of time that can be used more productively. In a recent Bill.com customer survey, customers reported the platform saves them on average 5.5 hours per week, which translates to more than 35 business days annually.
The focal point of the platform is its Intelligent Virtual Assistant (IVA) capability. With IVA, invoices are automatically handled. Approval processes start with no manual lag time and are 2-3 times faster than other methods, the company says. This automation easily scales as a business grows to:
- Eliminate manual data entry: IVA uses machine learning to automatically capture data from invoices, intercept and recognise human error and start the approval process automatically.
- Anticipate Customer Needs: IVA will recognise workflows, such as bill approval routing and thresholds for payment, and automatically create those business rules on behalf of customers.
- Offer new and faster payment options: The platform enables new ways to pay, including international payments and virtual cards, that commonly cut one to two days off a vendor receiving payment.
- The platform also can be set to auto pay recurring bills.