Boston--November 4, 2021--Scrypt announces the release of its new Integrated Payables and Receivables platform, a cloud-based solution that delivers next level automation. Powered by artificial intelligence and machine learning, Scrypt’s AI Data Capture Technology can read any document or image, learn over time and perform human-like decisions, eliminating the many manual touchpoints in otherwise automated AP and AR processes.
“The problem with the AP automation that’s currently being used is that it still requires employees to complete manual tasks such as coding, upfront annotations, reviews and approvals. It’s not really automated when you have teams either internally or offshore performing these actions,” says Andy Vidan, CEO and Co-Founder. “We’ve developed technology that can actually do the manual work and make AP, AR and even Payments automation truly touchless.”
Many businesses use automation for their accounting processes to eliminate the heavy use of paper and a human-centric approach. While current technologies succeed at removing paper from the processes, automated solutions still require tedious, error-prone tasks to be completed by people.
The core technology behind Scrypt’s accounting platform is based on a data operations platform developed at MIT for the US Department of Defense. Scrypt integrates data processing and decision support technology, powered by AI and machine learning, and uses (big) data to learn over time. In this way, Scrypt is able to mimic human behavior during complex tasks and perform adaptive decisions to optimize the flow of payables, receivables and payments.
Scrypt’s Integrated Payables and Receivables platform increases efficiency--reducing the time it takes to process a single invoice from 12 minutes to 1 minute. That efficiency also means a savings in employment costs. While some businesses may use Scrypt to reduce headcount, others may see it as an opportunity to move employees to more value-added work. In addition to increased efficiency and cost savings, Scrypt offers more accuracy and higher security than automated AP and AR processing that relies on humans.
Scrypt’s platform provides end-to-end capability and integrates with existing systems of record, eSign solutions and supports custom business workflows.