Wells Fargo launches AI-powered integrated receivables solutions in partnership with DadeSystems
Having an automated working capital solution is becoming a key thing to reduce manual work and also to automate payment solutions which are backed by artificial intelligence and machine learning. This would be helpful to businesses especially small and medium enterprises which can improve their cash flow and working capital.
This week, Wells Fargo made an announcement that the company has launched Integrated Receivables in partnership with DadeSystems. The solution launched is an Accounts Receivables (AR) platform that uses artificial intelligence, machine learning, and robotic processing. This will help businesses in simplifying payments and remittance data capture, re-association, and invoice matching.
The new Integrated Solutions is based on technology from DadeSystems, a company that works in AR-based solutions management. Back in February 2020, Wells Fargo made an investment in DadeSystems to support the company’s growth of its suite of technology solutions.
“Integrated Receivables allows our clients to spend less time working on piecing together payments data and more time focusing on their core business objectives,” said Danny Peltz, head of Treasury Management & Payment Solutions for Wells Fargo.
Back in May 2021, Bank of America launched an AP automation platform to help businesses digitize and automate their accounts payable departments.
Other fintech companies have been collaborating with card giants to move into AR and AP automation space. OneSource Virtual taped Mastercard for digital payment services while Jack Henry expanded its partnership with Autobooks for payments integration.
Adding further, Peltz noted, “By automating the capture of payments and the matching of funds to invoices, Integrated Receivables can help produce significant operational cost savings, reduce the risk of incomplete or inaccurate data entry, and accelerate cash flow.”
According to the press release, AI and the machine learning process enables and helps Integrated Solutions to ‘correct errors’ and ‘improve matching logic over time’. This in turn helps businesses to streamline their process and as noted by press note, “Integrated Receivables’ customer implementation process is highly-configurable, and has been streamlined by Wells Fargo to help make it easy for clients to get up and running quickly”.
DadeSystems is headquartered in Miami and is a company that automates the invoice-to-cash application process to speed up the billing process and accelerate cash flows. Its DadePay AR Automation, a part of the SaaS suite of integrated products, automatically captures all incoming payments, including cash, checks, ACH, EFT, and credit cards.