AI adoption continues to build for automating accounts payable and invoice coding
Scrypt AI, a machine learning and artificial intelligence-driven Treasury Management-as-a-Service platform startup, has announced that its Integrated Payables and Receivables platform has now processed thousands of invoices worth over $1B to its clients, saving its clients 10 to 15 times the former cost of manual accounts payable workflows.
More than half of all invoices received by businesses in the U.S. today are paper, while more than half of business-to-business payments are made electronically. There is a clear relationship between the number of invoices received electronically and the business cost of invoice processing, which is $11.57 per invoice according to 2019 research from Ardent Partners. Those costs, which include labor, overhead, and technology, are tied to the manual effort of entering invoices into enterprise resource planning systems and then matching each invoice to the correct payment account. At scale, manual accounts payable workflows can become extremely arduous and costly.
To address this widespread organizational inefficiency, Scrypt AI has operationalized an end-to-end AI data capture platform for high-volume, high-accuracy document processing and document discovery. Scrypt AI’s intelligent invoice coding solution utilizes machine learning and AI automation to add and manage invoice payments within most popular enterprise resource planning software platforms—solving a critical challenge within the payables component of treasury management. Whether businesses receive invoices digitally or in the mail, Scrypt AI can help them automate payables at a time when they need it most. Scrypt AI easily integrates with existing ERP systems, such as property management software Yardi’s Voyager, and can automatically identify and match an invoice to the appropriate payment account. No up-front annotations, templating, or configurations are needed, as the system learns from historical data and ongoing extracts. The rapid onboarding process does not require any lengthy implementations, but consists of simply integrating Scrypt AI with existing systems of records and training Scrypt AI on historical ERP data.
Scrypt AI received its seed investment from leading fintech investors and its strategic partner, CheckAlt, a leading treasury solutions provider. The company has recently hired a business-side executive team composed of fintech and startup industry veterans to position the company for rapid growth.
About Scrypt AI
Scrypt AI is defining Treasury Management-as-a-Service with an industry-leading Integrated Payables and Receivables platform that leverages machine learning and artificial intelligence to deliver fast, zero-touch invoice coding, digital payments, and account reconciliation. Scrypt AI is dedicated to removing friction from document management and financial accounting tasks and seamlessly integrates with deposit and payment imaging solutions as well as third-party ERPs and eSign products.
Visit us at https://scrypt.ai