Financial Management

Scrypt AI Processes Over $1B in Invoices Using Machine Learning and Artificial Intelligence

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 more than $1B to its clients, saving its clients 10 to 15 times the previous cost of manual accounts payable workflows.

The greater part of all invoices got by businesses in the U.S. today are paper, while the greater part of business-to-business payments are made electronically. There is a clear relationship between the quantity of invoices got electronically and the business cost of receipt processing, which is $11.57 per receipt according to 2019 research from Ardent Partners. Those costs, which incorporate labor, overhead, and innovation, are attached to the manual exertion of entering invoices into enterprise resource planning systems and then matching each receipt to the right payment account. At scale, manual accounts payable workflows can turn out to be incredibly arduous and costly.

To address this widespread organizational shortcoming, Scrypt AI has operationalized a start to finish AI data capture platform for high-volume, high-accuracy archive processing and report discovery. Scrypt AI's clever receipt coding solution utilizes machine learning and AI automation to add and manage receipt payments inside most popular enterprise resource planning software platforms—solving a critical challenge inside the payables segment of treasury management. Regardless of whether businesses get invoices digitally or in the mail, Scrypt AI can assist them with automating payables at when they need it most. Scrypt AI easily integrates with existing ERP systems, such as property management software Yardi's Voyager, and can automatically distinguish and match a receipt to the appropriate payment account. No straightforward annotations, templating, or configurations are required, as the system learns from historical data and continuous extracts. The rapid onboarding process does not need any protracted implementations, however consists of simply integrating Scrypt AI with existing systems of records and training Scrypt AI on historical ERP data.

Scrypt AI got its seed investment from leading fintech investors and its strategic partner, CheckAlt, a leading treasury solutions supplier. The company has as of late recruited a business-side chief team composed of fintech and startup industry veterans to position the company for rapid development.

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.

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