FinTech Intellect Design Arena Releases ‘No Touch’ Invoicing Solution

Intellect Design Arena, a FinTech providing solutions to various financial and insurance companies, announced the launch of its new “no touch” invoice processing solution Thursday (July 21).

The solution, called Magic Invoice, is powered by artificial intelligence (AI), machine learning and natural language processing.

Intellect said Magic Invoice streamlines and automates the invoice processing journey. Per the release, invoices are taken directly from emails and data capture powers the processing.

Through a verification and approval processing process, the company ensures the invoice data matches with business data points, automatically routing to the right people at different stages of accounts payable processes. The release also noted that users do not have to have a great deal of training to use the solution.

Magic Invoice is able to take documents and identify capture data that is meaningful, integrating it back into the system using application programming interfaces (APIs). The idea is to cut down on errors while also optimizing work efficiency.

According to Intellect CEO Banesh Prabhu, there’s been an increase of procurement for products and services which has led to more invoices.

“Efficient management of invoices is a critical function that impacts the profitability of a business to a large extent, equal to revenue,” Prabhu said. “Manual collection and billing of data are paperintensive, time-consuming, and expensive, with a high error rate.

“Magic Invoice with its breakthrough NO TOUCH invoice processing caters to the ever-evolving invoice processing needs of businesses. The automation technology of Magic Invoice eliminates payment errors and late payments.”

PYMNTS wrote that other companies have also been updating invoicing services. FloBiz, a neobank based in India, recently added an eInvoicing service to its myBillBook product.

See also: FloBiz Launches eInvoicing Service on myBillBook

MyBillBook is FloBiz’ goods and services tax (GST) invoicing and accounting product.

FloBiz said the product will add to myBillBook’s advanced billing capabilities and help it generate invoices compliant with the government in India, which has mandated tax process simplification.

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