Accounts receivable company YayPay is adding new capabilities to its platform after launching in 2015.
Reports Friday (May 12) said YayPay is integrating cash flow forecasting capabilities for companies that are unsure about their future cash positions considering all of their outstanding invoices. YayPay will use the data aggregated from its clients and its clients’ clients to help companies more accurately forecast their cash flow and be able to commit to a major project (or not) based on that prediction.
The company will provide its customers with an indication of how likely a business will pay its invoice and when. That information can be presented visually, in a graph that can forecast into the next eight weeks, reports said. Individual business customers can also be looked at with the forecasting tool.
Data analytics has been a central component of YayPay since its inception. The company spoke with PYMNTS last year to discuss the role of artificial intelligence and machine learning in the accounts receivable department to indicate when a company may want to nudge one of its customers to pay a bill or to know the best way a company should contact that customer. AI and machine learning, the company said, can also help indicate which payment rail is most likely to result in an invoice getting paid.