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Wells Fargo Unveils AI-Boosted Integrated Receivables Service

Wells Fargo & Company announced on Wednesday (Sept. 8) the availability of Integrated Receivables, a new accounts receivable (AR) service rooted in artificial intelligence (AI), machine learning and robotic processing that simplifies payment and remittance data capture, re-association and invoice matching.

“Integrated Receivables allows our clients to spend less time working on piecing together payments data and more time focusing on their core business objectives,” said Danny Peltz, head of treasury management and payment solutions for Wells Fargo, in the company announcement. “By automating the capture of payments and the matching of funds to invoices, Integrated Receivables can help produce significant operational cost savings, reduce the risk of incomplete or inaccurate data entry, and accelerate cash flow,” he added.

The configurable Integrated Receivables platform uses AI and machine learning to fix errors and improve matching logic, which helps companies spend less time on manually applied payments.

“With this solution, the software does the bulk of the heavy lifting behind the scenes,” said Chris Noe, Wells Fargo’s head of treasury management product innovation. “We have incorporated multiple receivables solutions onto a single platform that is payment channel-agnostic. We are able to use artificial intelligence and advanced data capture to memorize historical corrections and apply them automatically and accurately where needed.”

Integrated Receivables is based on technology from AR automation platform DadeSystems.

“Wells Fargo and DadeSystems recognize the potential for accounts receivable automation to improve efficiencies for a wide range of businesses, from smaller companies to the largest and most complex,” said Bill Zayas, CEO of DadeSystems, in the announcement.

Related news: 92% of SMBs are Digitizing AR/AP Processes

The “Strategic Role of the CFO Playbook,” a collaboration between PYMNTS and Versapay, shows that as many as three-quarters of businesses with revenues between $25 million and $100 million are seeing more late payments since the start of the COVID-19 pandemic.

Almost 92% of smaller firms in the survey said they are digitizing at least some aspects of their AR and AP processes.

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