Treasury Management-as-a-Service platform Scrypt AI has processed over $1 billion in invoices for clients on its Integrated Payables and Receivables platform, the firm announced in a press release.
Using artificial intelligence (AI) automation and machine learning, Scrypt AI manages invoice payments and document processing and can be integrated with most enterprise resource planning (ERP) software platforms, according to the release.
There is a disconnect in invoice processing in the U.S., Scrypt noted in the release. Over half of business invoices are received on paper, increasing the manual effort and cost needed to process each invoice.
“An inefficient [accounts payable (AP)] process can lead to the loss of potential volume discounts, require additional staff and drive up the cost of processing,” PYMNTS found in a recent Digital Shift Report. “Automating AP processes will enable businesses to reduce costly human errors, pay their vendors on time and, with the right payments program, earn net new income.”
By learning from historical data, Scrypt AI’s service can identify invoices and match them with the proper payment account. With this solution, businesses can automate payments for both digital and paper invoices, saving firms up to 10 to 15 times the cost of manual AP workflow, according to the release.
Meanwhile, Scrypt has named two FinTech and payments veterans to its leadership team, according to a separate press release issued Monday (March 29).
Ted Tekippe joins Scrypt as head of Payment Strategy and Operations. He will lead the expansion of Scrypt’s AP and accounts receivable (AR) automation platform, the release stated.
Mark Schinkel has been named as senior vice president of Strategy and Business Development. He will focus on building Scrypt’s strategic partnerships and scale out Scrypt’s platform, according to the release.
“The next major shift in analytics and finance is coming from the use of machine learning and AI to intelligently augment back-office operations and reduce the reliance on manual, tedious processes,” Schinkel said in the release.