These newly added features improve efficiency, compliance and financial outcomes by helping finance teams streamline collections, resolve disputes faster and make smarter credit decisions, the company said in a Tuesday (July 15) press release.
“We’re delivering the future of collections — intelligent, automated and customer-centric,” Billtrust CEO Sunil Rajasekar said in the release.
The new agentic email feature is purpose-built for accounts receivable and helps collectors resolve emails faster by bringing together the relevant data and documents needed for a response, according to the release.
The dispute management feature tracks disputes, pauses them from dunning workflows and helps teams manage them in a centralized portal, the release said.
The credit review feature brings together credit and collections to help teams not only assess new credit applications but also monitor and manage credit, per the release.
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Collections analytics, Billtrust’s fourth new artificial intelligence (AI)-powered feature, provides real-time visibility into collections performance using industry-standard key performance indicators (KPIs) and automated anomaly detection, according to the release.
“With these new innovations, we continue to help organizations modernize their operations, reduce risk and unlock new levels of performance and customer satisfaction,” Rajasekar said in the release.
Many companies are still struggling with inefficiencies of manual processes in their accounts receivable (AR) function, which leads to delayed payments, high error rates and increased operational costs, Billtrust Chief Product Officer Corrie DeCamp told PYMNTS in an interview posted in November.
Embracing automation technologies can help firms elevate their financial resilience and operational efficiency, enabling faster and more predictable cash flow, lower day sales outstanding (DSO) and a stronger overall financial position, DeCamp said.
“As companies grow in size, they’re often manually trying to match payments and remittance through Excel spreadsheets and things that aren’t that efficient,” DeCamp said.
Rajasekar told PYMNTS CEO Karen Webster in an interview posted in February 2024 that Gen AI has the potential to change the very nature of payments and commerce.
“There are a thousand flowers blooming across the organization when it comes to AI,” as Billtrust continues to develop tools that just about anyone can use, Rajasekar said.
