The United States-based financial service providing company Well Fargo reveals its newly developed artificial intelligence tool named Integrated Receivable. The information was shared through a press release published by the company.
The unique platform helps users to manage their accounts receivable process effectively. Integrated Receivable uses machine learning, robot processing, and artificial intelligence to offer simplified payment and remittance data capture and invoice matching.
This platform will help businesses operating in the revenue cycle management domain will be able to reduce operational costs and time consumed in the AR process. Well Fargo has collaborated with the Florida-based fintech startup Dade Systems to provide its new artificial intelligence tool, Integrated Receivable. Dade Systems is one of the world’s leading accounts receivable solutions providing firms.
CEO of Dade Systems, Bill Zayas, said, “Wells Fargo and DadeSystems recognize the potential for accounts receivable automation to improve efficiencies for a wide range of businesses from smaller companies to the largest and most complex.”
The artificial intelligence platform is capable of automatically fixing errors and improving matching logic that would considerably help businesses to manage their workflow. Integrated Receivable comes with an intuitive and user-friendly interface that helps users understand the platform’s functionalities quickly.
Peggy Reingold and Perry Abbonizio founded San Diego-based Well Fargo in the year 1852. The company holds assets worth $1.3 trillion till date. The financial company provides multiple services, including banking, investments, insurance, mortgage, consumer finance, and many more.
The head of Treasury Management and Payment Solutions at Well Fargo, Danny Peltz, said, “By automating the capture of payments and the matching of funds to invoices, Integrated Receivables can help produce significant operational cost savings, reduce the risk of incomplete or inaccurate data entry, and accelerate cash flow.”
He further mentioned that the platform allows its users to focus more on their key business objectives by reducing the time consumed in accumulating payments data.”