Bill.com debuts AI-enabled business payments platform
Payments automation provider Bill.com has debuted a new business payments platform that leverages artificial intelligence for end-to-end financial workflow automation.
Bill.com’s Intelligent Business Payments Platform comes during a time when AI is fueling new accounting technology at breakneck speed, with tech having reached a stage of usability that makes it ripe for adoption in finance applications.
The new platform, which underwent extensive testing during a pilot period, is centered around an intelligent virtual assistant (IVA) that handles invoices automatically. Key features include:
- Elimination of manual data entry: IVA uses machine learning to automatically capture data from invoices, intercept and recognize human error and start the approval process automatically.
- Anticipating customer needs: IVA will recognize workflows, such as bill approval routing and thresholds for payment, and automatically create those business rules on behalf of customers.
- Offering new and faster payment options: The new platform enables new ways to pay, including international payments and virtual cards, that commonly shave one to two days off a vendor receiving payment. The platform also can be set to auto-pay recurring bills.
“Bill.com has focused on developing new technologies that help accounting firms and their clients grow. Automating the back office is a huge industry-wide need,” said René Lacerte, Bill.com CEO and founder, in a statement. “Our new intelligent platform, which is the most significant update to Bill.com since its inception, is built on ten years of experience managing business payments and hundreds of millions of bills and invoices to train the AI. Increasing the speed and ease of payments will help businesses get ahead.”
Mark Stricker, partner at Wipfli, offered the following customer testimonial: “Our goal at Wipfli is to help our customers better understand and grow their businesses," he stated. "The new Bill.com gives us powerful artificial intelligence to eliminate manual and time-consuming work like data entry so we can engage with our customers on a strategic level. Our associates and customers appreciate how easy it is to learn and use Bill.com. [It's] an integral part of our tech stack for our outsourced accounting practice.”
Wipfli was named to Accounting Today's list of Best Firms for Technology and ranked no. 19 in AT’s Top 100 Firms for 2019.