The artificial intelligence (AI) powered platform incorporates machine learning, making it able to read any document or image, learn over time and make human-like decisions, according to the announcement. Scrypt’s AI Data Capture Technology removes the need for the numerous manual touchpoints in would-be automated accounts payable (AP) and accounts receivable (AR) systems.
“The problem with the AP automation that’s currently being used is that it still requires employees to complete manual tasks such as coding, upfront annotations, reviews and approvals. It’s not really automated when you have teams either internally or offshore performing these actions,” said Andy Vidan, Scrypt CEO and co-founder. “We’ve developed technology that can actually do the manual work and make AP, AR and even payments automation truly touchless.”
The main technology behind Scrypt’s accounting platform is based on a data operations platform developed at MIT for the U.S. Department of Defense, according to the announcement.
Scrypt’s new platform reduces the time it takes to process a single invoice from 12 minutes to 1 minute. In addition, the platform integrates with existing systems of record and eSign solutions, and supports custom business workflows.
This spring, the Massachusetts-based company said it had processed more than $1 billion in client invoices on its Integrated Payables and Receivables platform.
More companies are transitioning to digital and automating their AP and AR operations.
A survey last year showed that 69% of respondents in the third quarter of 2020 had partially automated their AP and AR process, compared to 49% in the first quarter, according to PYMNTS’ Digital Shift Report.
In addition, more companies had expressed interest in AI-powered solutions.