Global payables platform Tipalti announced on Tuesday the launch of its artificial intelligence (AI) for accounts payable, Tipalti Pi.
Acceding to Tipalti, the Tipalti Pi is a continuously-adaptive, integrated payables intelligence engine throughout the Tipalti platform that employs AI and machine learning to make the entire payables process “smarter.” It is designed to aid in a variety of ways throughout the payables process, including by:
- Reducing Risks and Errors: Duplicate bill/invoice entries, supplier data errors, compliance and fraud risks: these are the bottlenecks that can cause havoc to payables processing. Tipalti Pi identifies and mitigates AP issues like these, including:
- Validating supplier profile and payment data using over 26,000 global rules to eliminate payment errors by 66%
- Pinpointing potential fraud risk
- Identifying duplicate invoices
- Facilitating PO matching and discrepancy detection
- Optimizing Payables Workflow: Tipalti Pi learns to record bill fields for line-level charges (expense accounts, departments, classes, locations, projects, cost center, entity, custom fields, etc.).
- Providing Control for Controllers: Managing finance and accounting operations can be a delicate process that demands some amount of oversight
Chen Amit, CEO and Co-Founder of Tipalti, stated he and his team will be adding new capabilities to Tapalti Pi over time. He added:
“Our ultimate goal is to future-proof and de-risk the entire payables operation for businesses looking to scale finance and do more with less.”
Founded in 2010, Tipalti claims it is the only supplier payments automation solution to streamline all phases of the AP and payment management workflow in one holistic cloud platform.
