The platform uses artificial intelligence and machine learning to automate the matching of payments to invoices for commercial and corporate clients, the release said. It is designed to unify disparate payment and remittance data, targeting a long-standing friction point in corporate back-office operations.
The new solution addresses the complexities of cash application, the process of matching incoming funds to outstanding invoices, by scanning traditional checks and electronic payment rails, according to the release. It uses machine learning and specific business rules to auto-match payments, a move intended to reduce manual labor, shorten posting times and lower days sales outstanding (DSO).
The platform also includes a “smart remittance capture” feature that extracts data directly from emails and incoming payments to minimize exceptions, the release said. It offers ERP connectivity, allowing the software to integrate with existing accounting systems for straight-through processing.
Truist Head of Enterprise Payments Chris Ward said in the release that the platform is intended to bring “simplicity, speed, safety and smarter experiences” to the way money moves for the bank’s clients.
The system includes user entitlements and access management to help mitigate fraud risks, a growing concern in the digital economy, the release said.
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The launch comes at a time when finance leaders are reporting hurdles in managing liquidity. PYMNTS data cited by Truist in the release indicated that nearly 70% of corporate treasurers struggle with delays in receivables collection and reconciliation.
The data came from the study “Automation Clears the Path to Getting Paid on Time,” which also found that 45% of the chief financial officers surveyed said invoicing errors and discrepancies caused payment disruptions.
“As a counterweight, automation is credited with reducing AR days of delay, providing tracking, preventing errors and improving customer service,” the study said. “Nearly three-quarters of CFOs surveyed reported a direct impact on cash conversion cycles by automating AR customer service.”
The receivables platform launch is the latest of Truist’s payments developments over the past year. In October, the company began piloting an embedded banking solution for ERP systems. Earlier in the same month, it also debuted a Visa card aimed at small business clients.
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