Spend Management Platform Vroozi Debuts AI Invoice Processing

Vroozi, the spend management and accounts payable automation platform, has made its Vroozi Intelligence smart accounts payable and invoice automation (APIA) platform available, a press release says.

The release says Vroozi Intelligence brings AI to the AP department with the intent of helping to automate invoice processing.

The tech will help ensure that processes don’t have errors and that cash is managed without risk.

The release says Vroozi Intelligence cuts down the time to process invoices, using AI, machine learning and cognitive data, which help to match, code, resolve exceptions and route for approval.

The platform reportedly adapts so that repetitive invoice processes can become touchless.

“We’re transforming accounts payable from a data entry back-office function to a strategic center of excellence and a high productivity profit driver,” said Shaz Khan, co-founder and chief strategy officer at Vroozi. “According to a Credit Suisse Report, the total addressable market for Global B2B Payments is a staggering $125 trillion, largely because of antiquated data sets, systems, and processes within organizations and a lack of automation and interoperability. We are excited to help mid-market companies bridge these gaps with a powerful platform that digitizes B2B invoices and payments in a matter of seconds.”

The release says the solution will add faster implementation, reduced data entry and detecting fraud and overbilling. There’s also guaranteed global compliance, which will keep them compliant with various country-specific rules.

PYMNTS recently reported on the debut of Vroozi Intelligence, quoting Khan as saying that in 2021 it was unacceptable that procurement and finance teams would still have to use “tedious, manual accounts payable processes to pay suppliers.”

Read more: Vroozi Debuts Automated AP, Invoice Platform

“We developed this new technology to empower our customers around the globe to automate purchase order (PO) and non-PO invoice and payments accurately and efficiently so they can spend their time on what really matters: driving their business forward,” he said.