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Bringing AI to AR: What corporations can gain from Bank-FinTech collaborations.

Banking’s embrace of financial technology, or FinTech, has traditionally been driven by consumer demand, but corporate customers are similar to consumers — they have a lot to demand and gain from this inter-industry collaboration, and none more so than corporate treasury departments.

The time-consuming tasks and hidden costs of payments make treasury departments an ideal department in which to invest in new technology. Not surprisingly, artificial intelligence (AI) has a big part to play in these new improvements.1

Commerce Bank is pleased to offer corporate customers enhanced offerings through a new relationship with FinTech company HighRadius. Integrated Receivables enable corporate accounts receivable (AR) employees to work more efficiently and achieve a higher automatic on-invoice hit rate. This single solution can remedy multiple challenges in the AR process.

For instance, the decoupling of remittance data during the electronic payments process is a major resource drain, especially when AR departments are often tasked with manually matching payments with remittance data. Not only does this process take a lot of time and effort, it is highly susceptible to human error.

Integrated Receivables make it possible to:

  • View all incoming payments in one portal
  • Automate repetitive, time-consuming tasks
  • Reduce processing errors
  • Match invoices automatically
  • Manage exceptions online
  • Pull detailed reporting for tracking and analysis
With so many tasks and data imports streamlined, businesses can see a significant reduction in operating costs and improve their ability to be more strategic within treasury departments.

Integrated Receivables uses AI to transform AR — turning manual tasks into efficient, streamlined processes that minimize errors and maximize productivity. The AI enables end-to-end automation by electronically capturing remittance details directly from multiple sources, including:

  • Email attachments
  • Paper invoices
  • Your business’ customer payment web portal
  • Other electronic payment files

Payments and remittances are automatically linked, exceptions and deduction coding are presented and a single payment file is transmitted for posting. The AI actually learns payer behavior to reduce payment exceptions in the future.

Working toward the ideal state.

The introduction of AI to business processes brings great promise to the landscape, carving the path toward an ideal state. As burdened departments start to receive much-needed technical upgrades, business leaders should know that this idyllic state is no longer an impossible goal.

AI and other digital solutions can have big impact for companies looking to streamline during and after the COVID-19 pandemic. Digital solutions like Integrated Receivables allow treasury employees to complete their AR tasks from anywhere. The solution houses data from multiple systems in a central location, providing better insight into a company’s financial picture. Plus, AI learns from behavior, working to mitigate future payment exceptions before they even happen. A significant reduction in human error and operating cost is attainable as the AI continues to learn and improve every day.

Putting customers first.

Commerce Bank puts our customers at the center of all that we do. Enhancing services and adopting new technologies are integral to our mission. Our relationship with HighRadius is another example of the bank’s commitment to helping customers be prepared and resilient through a changing environment. By collaborating with a FinTech like HighRadius, Commerce Bank customers can couple cutting-edge AI with the personal service and undivided attention of a dedicated financial advocate.

To learn more about how you can transform your manual business processes into streamlined, digital operations, reach out to your Commerce Bank Representative or visit the Integrated Receivables page.


Related article:

Integration: The Next Step of Automation