Indian FinTech Clear Launches AI-based AP Tool

Indian fintech Clear has debuted Clear Capture, an AI-based end-to-end solution to let companies streamline their payments processes and automate invoices, a press release said.

It will let accounts payables teams work on automating the purchase invoice entry, detecting fraud easier. Clear Capture will allow an enterprise AP team to automatically validate invoices coming in. The technology will cut the invoice entry time down.

The company has said it’s surveyed Indian companies and has assessed some of the problems with managing accounts payable. Those include the fact that AP teams spend an inordinate amount of time reconciling invoices against purchase orders and other data, and that 80% of respondents still use a lot of paper-based products.

There are also many errors happening when the number of invoices coming in is higher.

Archit Gupta, Clear founder and CEO, has said the reconciling of invoices was a “first step” into compliance improvements for a company.

“Clear Capture is a powerful tool for invoice digitisation by AP teams that reduces errors and the time spent on invoice recording,” Gupta said. “Our AI based technology can help enterprises save lakhs of man hours spent on invoice capture each year.”

PYMNTS wrote early this year about Clear’s acquisition of supply chain finance startup Xpedize.

Read more: SaaS Startup Clear Snaps Up Supply Chain Tech Platform Xpedize

The purchase showed Clear getting more into credit for small- to medium-businesses and B2B payments, and helped Clear scale faster, nailing down its position in the invoice discounting space with more supply chain financing.

Xpedize was rebranded as Clear Invoice Discounting, and would go forward with providing working capital and liquidity to suppliers, expected to process 10 billion rupees, or $131 million, by the end of 2022.

Clear is the biggest FinTech SaaS company in India, and works on simplifying finances for Indian businesses and individuals.