Billtrust has added a new interface to its artificial intelligence (AI)-powered accounts receivable (AR) platform that provides enhanced AR visibility, a new Days to Pay Index and a unified user experience.
These new capabilities are designed to help chief financial officers achieve a unified order-to-cash operation, the company said in a Tuesday (Nov. 28) press release.
“The value of analytics and actionable insights for finance teams has never been more important, as CFOs seek a more comprehensive view of their entire business,” Billtrust CEO Sunil Rajasekar said in the release.
The platform’s newly enhanced AR visibility provides insights across the entire enterprise while delivering a more panoramic perspective of the order-to-cash process, according to the release.
Another new addition, the Days to Pay Index, provides Billtrust customers with insights into their payment collection efficiency by comparing it with anonymized data from their peers within the Billtrust customer base, the release said. This helps users identify opportunities to make adjustments to increase cash flow.
The Billtrust platform also accepts multiple payment methods through any available channel, giving customers more flexibility, and frees teams from time-consuming manual tasks, allowing them to focus on more valuable activities, per the release.
“Billtrust customers will now benefit from a more unified experience with an AI-powered, complete view of customers’ activity across their entire AR process,” Rajasekar said in the release. “And as they leverage our unified platform of AR solutions, we can offer more dynamic analytics, presenting them with valuable real-time data and insights to help them make faster, more intelligent and cost-effective decisions.”
PYMNTS Intelligence has found that by mining information from a wide variety of sources and processing large quantities of data, AI systems can assist businesses in unearthing trends, patterns and relationships that can inform better decision-making.
AI can also help predict outcomes for better collection strategies by analyzing customer transactions, credit history and other financial data, according to “Tapping AI’s Potential for AR Optimization,” a PYMNTS and Billtrust collaboration.
AI-powered platforms are assisting both buyers and suppliers in their payment interactions, Nick Izquierdo, executive vice president of payments at Billtrust, told PYMNTS in an interview posted on Nov. 17.
“AI has the potential to really move the needle for so much of the industry in terms of their ability to better understand what’s going on within their payments environments and the ability to be more proactive with their buyers or suppliers,” Izquierdo said.