Tipalti has launched Pi, a continuously-adaptive, integrated payables intelligence engine throughout the Tipalti platform that employs artificial intelligence (AI) and machine learning to make the entire payables process smarter. The technology, which is available automatically to the company’s customers, is set up to proactively identify fraud and risk, eliminate accounts payable (AP) process errors, improve decision-making, and automate manual work.
Tipalti Pi is designed to aid in a variety of ways throughout the payables process, including by:
- Reducing risks and errors: The solution identifies and mitigates AP issues such as duplicate bill/invoice entries, supplier data errors, compliance and fraud risks. It does this by:
- Validating supplier profile and payment data using over 26,000 global rules, to eliminate payment errors by 66%.
- Pinpointing potential fraud risk.
- Identifying duplicate invoices.
- Facilitating PO matching and discrepancy detection.
- Optimising payables workflow: For every industry, manual invoice processing is a hurdle to efficient payables. Combined with invoice scanning using its built-in, intelligent OCR functions, Tipalti Pi works in the background to assign proper approval routing and general ledger (GL) coding at both the bill and bill line level. The solution learns to record bill fields for line-level charges (expense accounts, departments, classes, locations, projects, cost centre, entity, custom fields, etc.). This intelligence helps improve future routing accuracy, streamlines payment reconciliation processes, and maintains data hygiene in the ERP.
- Providing control for controllers: Managing finance and accounting operations can be a delicate process that demands some amount of oversight. AI shouldn’t take action unless someone clears it to do so. Tipalti Pi acts as an AI assistant to expose areas and processes that could use more attention while ensuring that a human is in control of financial actions.
“Tipalti Pi helps us reduce risk and improve our process flow throughout our payables operation,” commented customer Mark B. Lewis, CFO of Lockerdome. “It is truly smarter payables and continues to improve with additional functionality.”
“The importance of AI in business finance is only going to increase, and we will be adding new capabilities to Tipalti PI over time to support the needs of our customers,” said Chen Amit, CEO and co-founder of Tipalti. “Our ultimate goal is to future-proof and de-risk the entire payables operation for businesses looking to scale finance and do more with less.”
Like this item? Get our Weekly Update newsletter. Subscribe today