Vroozi launches AI invoice processing
Vroozi, the accounts payable automation and expense management platform, has made available its intelligent accounts payable and invoice automation (APIA) platform Vroozi Intelligence, says a press release.
The release says Vroozi Intelligence is bringing AI to the AP department with the goal of helping automate invoice processing.
Technology will help ensure processes are error-free and cash is managed without risk.
The release says Vroozi Intelligence reduces invoice processing time, using AI, machine learning, and cognitive data, which helps match, code, resolve exceptions, and route for approval.
The platform would adapt to make repetitive invoicing processes contactless.
“We’re transforming Accounts Payable from a data-entry back-office function into a strategic center of excellence and high-productivity profit engine,” said Shaz Khan, Co-Founder and Chief Strategy Officer at Vroozi. . “According to a Credit Suisse report, the total addressable market for global B2B payments is $125 trillion, largely due to outdated data sets, systems and processes within organizations and a lack of automation and interoperability. We’re excited to help midsize businesses bridge these gaps with a powerful platform that digitizes B2B invoices and payments in seconds.
The release says the solution will add faster implementation, reduced data entry, and detection of fraud and overcharging. Global compliance is also guaranteed, which will keep them compliant with various country-specific rules.
PYMNTS recently reported on the debut of Vroozi Intelligence, quoting Khan as saying that in 2021 it was unacceptable that procurement and finance teams still had to use “tedious manual accounts payable processes to pay suppliers”.
Read more: Vroozi launches automated hotspot, billing platform
“We developed this new technology to enable our customers around the world to automate purchase orders and PO-less invoices and payments with accuracy and efficiency so they can spend their time on what really matters: making advance their business,” he said.