Routable has launched an advanced feature in its Accounts Payable platform that leverages AI to fight invoice fraud and human errors. By using machine learning and generative AI, the platform can identify invoice anomalies, duplicate entries, and errors during processing. This technology allows automatic matching of invoices to purchase orders and predictive coding based on historical data. As a result, Accounts Payable teams gain enhanced visibility and can address potential fraud before it occurs. Routable simplifies the entire AP process, reducing manual tasks by 80% and cutting costs by an average of 30%. This innovative solution empowers finance teams to focus on what truly matters, making previously impossible tasks achievable.
Routable Introduces AI-Driven Solutions to Combat Invoice Fraud
As fraudsters become increasingly cunning, it is hard for traditional methods to keep up. Routable, a leader in accounts payable (AP) automation, is taking a groundbreaking step by integrating artificial intelligence to detect and prevent invoice fraud and human error. This innovative approach provides AP teams with enhanced visibility, enabling businesses to safeguard their finances more effectively.
The new offering from Routable incorporates advanced machine learning and generative AI capabilities into its AP automation platform. This technology efficiently identifies invoice anomalies, duplicate invoices, and mistakes made during data entry. With its optical character recognition (OCR) feature, Routable scans invoices to match them automatically with purchase orders or to assign codes based on historical data and machine learning.
While processing invoices, the AI agents meticulously check the documents for any irregularities, alerting AP teams about potential concerns and stopping fraud before it occurs.
“People often think AI will take over entry-level jobs, but we see it differently. At Routable, we believe AI can enable us to accomplish tasks beyond human capabilities, achieving what was previously thought impossible,” said Mor, highlighting the company’s forward-thinking philosophy.
About Routable:
Routable’s AP automation platform stands out by streamlining the entire AP process, reducing manual tasks by 80%. This allows finance teams to concentrate on more impactful work. The platform features seamless vendor management, detailed audit trails for compliance, and integrates easily with existing ERP systems. Routable not only simplifies payment tasks but also aims to cut costs by an average of 30%.
For more information, media inquiries can be directed to Nicole Lindenbaum at Routable.
Tags:
AI Fraud Prevention, Accounts Payable Automation, Invoice Management, Routable, Business Finance Solutions
What are Routable’s AI agents for accounts payable fraud prevention?
Routable’s AI agents are advanced tools designed to help businesses detect and prevent fraud in their accounts payable processes. They use smart technology to analyze transactions and spot suspicious activities.
How do these AI agents help with forensic accounting?
These AI agents assist forensic accountants by providing insights into financial data. They can quickly review large amounts of transactions to find irregularities, making it easier to investigate and resolve issues.
Can small businesses use these AI agents?
Yes, small businesses can definitely use Routable’s AI agents. These tools are designed to be user-friendly and affordable, helping businesses of all sizes protect themselves from fraud.
Do the AI agents require special training to use?
No special training is needed to use Routable’s AI agents. They are designed to be intuitive, so users can easily navigate the platform and start benefiting from the technology right away.
Is the technology secure?
Absolutely! Routable prioritizes security. The AI agents use advanced security measures to protect sensitive financial information while helping to detect and prevent fraud.
