In an effort to help companies reduce their accounts payable (AP) expenses, Zycus has rolled out artificial intelligence (AI)-powered bots for the last part of the procurement process, according to an announcement.
The bots use optical character recognition (OCR), natural language process (NLP), and self-learning functions in “altogether new ways,” the announcement stated.
The company’s collection of AI bots for the AP process now include bots for cost allocation, fraud detection, invoice reading and inbox managing. Its technology also includes a supplier portal and an eInvoicing offering.
Zycus Vice President of Corporate Development Richard Waugh said in the announcement, “We saw a perfect fit for our AI expertise in the technologically challenged accounts payable operations and created independent AP bots for multiple use cases in the invoice-to-pay cycle.”
Zycus aims to reduce existing AP operations expenses for very large companies that receive many yearly invoices by half, according to an announcement.
The company provides a source-to-pay collection of procurement performance offerings, and its portfolio encompass programs for the “strategic and the operational aspects of procurement” such as eInvoicing, eProcurement, eSourcing, spend analysis, supplier management, contract management, project management, request management and financial savings management, the announcement stated.
In separate news, Regal Software launched its RegalPay B2B payments software in July to allow financial institutions (FIs) and issuers to offer their corporate customers an automated AP technology that carries their own branding.
The Regal offering allows regional banks, community banks and FIs offer their corporate clients a white-labeled AP technology. Those who work in finance or accounting roles can use the RegalPay technology directly from their workstations.
And, in June, Centsoft introduced an AP automation technology for companies in the construction space to assist administrators and project managers in saving time. Centsoft links up with various enterprise resource planning (ERP) technologies, such as NetSuite, SAP Business One, QuickBooks and Dynamics 365.