According to a press release, Tipalti, a global payables automation company, has decided to launch its Tipalti Pi integrated payables intelligence engine to make the complete payables process a smarter one.
Identifying fraud and risk, bolstering decision making, automating manual work, and eliminating Accounts Payable (AP) process errors are some of the features of Tipalti Pi.
“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. 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,” said Tipalti CEO and Co-Founder Chen Amit said in a press release.
Tipalti Pi helps by optimizing the payables workflow during the payable process. In the context, the code works to provide the required approval routing and General Ledger (GL) coding at the bill level as well as the bill line level. It learns to record bill fields for loads at the line level charges.
The same release stated, “This intelligence helps improve future routing accuracy, streamlines payment reconciliation processes, and maintains data hygiene in the ERP.”
To know and reduce the impact of issues like validating supplier profile and payment data as well as detecting fraud risk possibilities, the technology Tipalti Pi is being introduced. It is also said that the technology will be capable of identifying duplicate invoices and facilitate Purchase Order (PO) matching as well as discrepancy detection.
It also provides the opportunity for controllers to monitor the operation. According to the release, “Tipalti Pi acts as an artificial intelligence assistant to expose areas and processes that could use more attention while ensuring that a human is in control of financial actions.”
Tipalti Pi’s complete platform will be available free of cost to all customers in the initial days of this month.