Tipalti, which makes payments technology, is introducing “touchless” invoice data capture and artificial intelligence (AI)-based approval routing technology to its accounts payable platform. These new features are meant to fully automate invoice capture, eliminating this task from an accountant’s job list.
With these new in-built tools, Tipalti scans invoices from emails and automatically populates the required fields such as invoice number, supplier, quantity, and rate, and can recognize data in 27 languages. If the invoices scanned through optical character recognition (OCR) aren’t a 100 percent match, an escalation layer provided by Tipalti automatically routes the invoices to a managed service that manually reviews invoices, checks fields for accuracy and populates any missing fields. Machine learning of past invoice history is designed to improve OCR match rates over time.
The AI-based approval routing engine’s role is to then assign the bill approval sequence based on patterns learned from historical approval sequences. Email notifications are automatically routed to the appropriate approvers to action, in order to comply with an organization's existing internal control processes.
“Manual invoice processes stymie today’s finance organization and hold back the CFO from helping the business scale rapidly and be more successful,” said Chen Amit, CEO of Tipalti, in a statement. “By applying the latest OCR and AI technologies, along with managed services to address any exceptions, businesses can finally modernize their finance operations with a touchless invoice process. Directly integrating these features within the end-to-end supplier payments process means that AP teams will have significant time freed to focus on other business critical tasks.”
