PYMNTS MonitorEdge May 2024

Billtrust Adds AI Tools to Accounts Receivable Software Platform


Billtrust, a B2B order-to-cash and digital payments provider, unveiled new artificial intelligence tools within its accounts receivable software platform.

The tools aim to empower finance professionals by providing them with business insights and enabling them to make strategic decisions and engage customers more effectively, the company said in a Thursday (May 30) press release.

One of the key features introduced by Billtrust is the Finance Co-Pilot, a generative AI tool that offers deep analysis of customer data, according to the release. Users can input questions in plain language and obtain instant insights and recommendations. The tool provides views of customers’ cash flow efficiency based on key AR user personas, allowing finance professionals to benchmark, answer questions and make informed recommendations.

Billtrust also introduced two new analytics modules: Payments Analytics and Cash Application Analytics. These self-service reporting dashboards provide finance professionals with real-time data and insights, enabling them to obtain a holistic view of their business, the release said. By using these analytics modules together, finance professionals can make faster decisions, improve cash flow and working capital, and ensure customer satisfaction.

The Payments Analytics module supports strategic decision-making by providing a clearer understanding of buyer behavior and trends such as timeliness, payment preferences and variability, per the release. It also enables a more targeted customer engagement strategy, allowing businesses to improve outreach and transition buyers to online platforms.

The Cash Application Analytics module helps users understand data on overall matching performance, match volume and payment volume at a buyer/payer level, according to the release. It allows businesses to recognize trends and isolate “bad payors” by customizing parameters for formulating a bad payor list.

Both Payments Analytics and Cash Application Analytics offer enhanced data analysis capabilities, including flexible time series visualization, interactive key performance indicators, comparative data examination and competitive benchmarking, per the release.

The ability of language models to understand and interpret data marks a shift toward making AR a strategic asset for enterprises, Ahsan Shah, senior vice president of data intelligence at Billtrust, told PYMNTS in an interview posted in February.

Generative AI helps solve existing problems in a “more accelerated” way and further automates processes and improves analytics for better decision-making, Shah said.

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