B2B Payments

Tipalti Bolsters Accounts Payable Platform With AI-Powered Pi

Accounts Payable

To make the complete payables process smarter, global payables automation company Tipalti unveiled its Tipalti Pi integrated payables intelligence engine, according to a press release.

The solution identifies fraud and risk, bolsters decision making, automates manual work and eliminates accounts payable (AP) process errors.

Tipalti CEO and Co-Founder Chen Amit said in the release, “The importance of AI in business finance is only going to increase, and we will be adding new capabilities to Tipalti PI over time to support the needs of our customers. 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.”

Tipalti Pi is created to help during the payable process such as by optimizing payables workflow. The technology works in the background to provide correct approval routing and general ledger (GL) coding at the bill as well as bill line level. It learns to register bill fields for line-level charges.

“This intelligence helps improve future routing accuracy, streamlines payment reconciliation processes, and maintains data hygiene in the ERP,” the release stated.

The technology also is designed to identify and lessen the impacts of issues such as validating supplier profile and payment data as well as pinpointing possible fraud risk. In addition, the technology is made to identify duplicate invoices and facilitate purchase order (PO) matching as well as discrepancy detection.

It also provides controllers with the ability to manage the process. According to the release, “Tipalti Pi acts as an artificial intelligence assistant to expose areas and processes that could use more attention while ensuring that a human is in control of financial actions.”

Tipalti Pi will be available beginning this month without an additional cost to customers throughout Tipalti’s complete platform.

The news comes as Tipalti surpassed $10 billion in yearly transactions. In the latter half of last year, Tipalti brought 65 new employees on board and has 240 workers as of the start of this year.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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