FinTech Bottomline Launches AI Solution For Invoice Automation

Commercial payments firm Bottomline Technologies is rolling out advancements to its invoice automation platform that uses artificial intelligence (AI), the company announced in a press release on Tuesday (Oct. 1).

The FinTech said it is improving user experience on its Paymode-X AP Automation platform and utilizing AI for enhanced invoice data capture.

“Organizations have realized the benefit of taking a holistic, end-to-end, approach when it comes to accounts payable automation,” said Bob Cohen, research director at Ardent Partners. “Bottomline’s addition of enhanced invoice automation capabilities to its Paymode-X solution addresses this requirement and is a natural enabler of accounts payable productivity, end-to-end efficiency, and enhanced visibility across all AP operations.”

Paymode-X Invoice Automation aims to help companies automate and digitize the invoice lifecycle and reduce manual processes with “AI-powered data and image capture.”

Bottomline is also updating the Paymode-X AP Automation solution to work more seamlessly with users’ back-office systems.

“Our innovative invoice automation enhancements combined with our proven payments capabilities provide our customers with an unmatched AP automation solution,” said Bottomline Technologies Vice President of Strategy and Product Bill Wardwell.

“With seamless ERP connectivity, next-generation invoice data capture, intelligent dashboards and full visibility across the invoice-to-pay lifecycle, AP departments will maximize process automation, freeing employees to focus on driving the business forward and increasing organizational value,” Wardwell added.

More than 400,000 companies use the Paymode-X platform to transfer B2B funds.

Bottomline said in August that it is doubling down on data intelligence after posting an 11 percent year-on-year increase in subscription and transaction revenues for the fourth quarter of fiscal year 2019.

The company is also planning to invest in the platform’s Network Payment Score, which analyzes vendor payments characteristics to assess the risk of any given transaction. The growing threat of payment fraud is pushing Bottomline Technologies to invest in payments security and data analytics within the platform.