Extend has announced the launch of AI-powered automatic receipt matching via its spend management platform.
The new feature allows users “to email or upload receipt images into the Extend app, where those images are then automatically matched to their corresponding transactions.”
Coupled with Extend’s receipt rules and reminder features, this new capability “saves finance teams and employees time in managing and reconciling expenses, making it even easier for users to comply with company expense policies.”
Extend reportedly uses AI in order “to extract merchant name, transaction amount, and other details from the receipt or invoice image.” The platform then instantly “matches receipts to the right transactions – even when the receipt is damaged or complex.”
This greatly reduces the time a user needs “to comply with company policies since they don’t need to navigate through each transaction and upload individual documentation.”
Orna Albus, chief product officer at Extend, said:
“AI is a game-changer as it significantly increases the accuracy of receipt matching, making the user experience that much better. No one wants to carry around crumpled paper receipts or manage spreadsheets to send to strapped finance teams at the end of the month. With Extend, you can use an invoice pdf or a receipt picture, upload it to the app, and let AI do its magic – ultimately enabling real-time efficiency, visibility, and compliance across the business.”
With a growing number of partners “across banks, networks, and processors, Extend is available to more than half of the small and mid-size businesses (SMBs) in the U.S. via their existing credit cards.”
Customers can begin creating, “sending, and using virtual cards to control spending across their organizations in minutes.” Without the need to leave the banks they trust or open new lines of credit, Extend customers gain “the benefits of always-on innovation and frequent product enhancements.”
In addition to the benefits of AI-fueled receipt matching, Extend customers that enable receipt rules are already “seeing a more than 35% improvement in timely compliance with their company spending policies.”
Whether users upload receipt images into the app or submit them via email, they “can easily add receipts on-the-go and save time with automatic matching.” Extend continues to “develop receipt audit functionality for customers, and will expand the use of AI in 2024 and beyond.”
As noted in the update, Extend turns your business credit card into “a spend management platform, so you can achieve more with what’s yours.”
Thousands of companies use Extend’s virtual cards, insights, and controls to empower their teams, “streamline payment processes, and manage billions of dollars in transactions – all while keeping the financial partners they know and trust. Extend was founded in 2017 by industry veterans of American Express, Capital One, and other Fortune 500 companies.”
