Scrypt, Finexio Team to Streamline AP Process

Payables automation provider Scrypt has teamed up with Finexio, a digital Accounts Payable-as-a-service company, according to a Thursday (July 21) press release.

The collaboration creates a solution that marries Scrypt’s artificial intelligence (AI)-driven payables platform to Finexio’s cloud-based B2B payments infrastructure, the release stated.

“By simulating human thinking, Scrypt can read any document or image, then learn, discover and perform judgment-based tasks on its own,” according to the release. “Through the Finexio partnership, Scrypt customers will now have access to Finexio’s … payment offerings, creating a completely streamlined and autonomous [accounts payable (AP)] payments process.”

The companies’ combined solution offers customers the chance to eliminate paper check use. In doing so, companies can reduce the workload of their finance teams and improve “visibility to payment status while providing enhanced payments security,” the release stated.

Earlier this year, PYMNTS spoke with Finexio Founder and CEO Ernest Rolfson about the way AP companies have lagged when it comes to digital tools and automation.

Read more: Companies Look Beyond Hype, Show Preference for AP Solutions That Work

“Companies are still tackling this largely with paper checks, largely by hand, largely with people,” he said.

At the same time, the company takes a simple approach when trying to entice new customers.

“You don’t see a lot on our website about AI or machine learning per se, because those are phrases that are a little scary and not necessarily resonating with Joe Smith users of the service — they just don’t want to be doing things by hand anymore,” said Rolfson.

Scrypt’s accounting platform is based on a data operations initiative created for the U.S. Department of Defense at MIT.

See more: Scrypt Offers Payments Innovation Through Visa Fintech Fast Track

The company integrates data processing and decision support technology, fueled by AI and machine learning, and uses Big Data to learn over time.

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