Vic.ai Adds Payments Feature to Autonomous Finance Platform

Vic.ai has added Vic.ai Payments to its artificial intelligence (AI) autonomous finance platform.

This new feature, which is now available to all U.S. customers, aims to provide an end-to-end solution for accounts payable (AP) teams, streamlining the payment process and revolutionizing the way businesses handle their invoices, the company said in a Thursday (Aug. 31) press release.

Vic.ai Payments offers a comprehensive system that integrates all components of AP processing into a single, efficient platform, according to the release. By harnessing the power of AI, Vic.ai Payments saves time, reduces risk and improves cash flow for businesses.

“Our customers wanted a solution that not only autonomously ingested, processed, and approved invoices but also enabled one-click payments. And with Vic.ai Payments, we have delivered,” said Alexander Hagerup, co-founder and CEO of Vic.ai.

Many companies still rely on checks as a form of payment, which is time-consuming and prone to errors and fraud, according to the press release. Vic.ai Payments aims to address these challenges by offering a secure workflow for customers to pay invoices in one click, using various payment methods such as checks, ACH, virtual cards or international payments.

Vic.ai Payments provides several additional benefits to businesses, the release said. Customers can pay with virtual cards to take advantage of rebates and capture vendor discounts with early payments. They can also make partial payments to hold onto cash longer and earn more interest.

In addition, Vic.ai handles onboarding and payment optimizations based on vendor preferences and industry best practices, simplifying vendor relationship management, per the release. Plus, Vic.ai seamlessly integrates with major enterprise resource planning (ERP) systems, reducing the workload for AP and IT employees and providing convenience, speed and sustainability to vendors through electronic payments.

“We’re thrilled to continue helping our customers gain control over their cash flow throughout their invoice processing journey, turning their AP departments into profit centers and taking them another step closer to autonomous finance,” Hagerup said in the release.

PYMNTS research has found that streamlining the AP process to reduce late payments is a top priority for businesses.

Among companies that process large monthly volumes of payables, 31% plan to innovate their AP systems within six months, and another 27% expect to do so within the next year, according to “Accounts Payable Payments: Solving Common Business Problems,” a PYMNTS and Finexio collaboration.