American Express is developing for its customers a set of tools based on Microsoft cloud technologies and artificial intelligence technologies.
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The new tools will have to help the company’s customers reduce the number of problems associated with business trips. The first solution developed within the framework of this partnership will improve cost management.
Through the use of artificial intelligence and machine learning capabilities, one of the new tools will improve existing processes by simplifying and automating manual expense reporting and approvals, improving audit efficiency, and optimizing reconciliation and cost recovery for accounting teams. Microsoft will test this solution by integrating it into the company’s internal spending system by the end of this year.
When a traveler swipes his or her American Express corporate card, he or she will be prompted to upload a photo of the receipt. Then the decision-making mechanism based on artificial intelligence classifies the transaction and assigns a risk assessment based on the details of the financial transaction, the company’s policy regarding travel and expenses, as well as the history of purchases and payments of the traveler on the corporate card.
After that, the information is transferred to the expense management system along with the details of receipts for the automatic creation of reports and assistance to managers and auditors.
Gunther Bright, executive vice president of global commercial services at American Express, said that expense reports are a necessity that cannot be ignored, but that everyone hates to make. He also noted that companies cannot abandon this method of control.
Gunther Bright is convinced that in the future, expense reports will be compiled automatically in strict compliance with the relevant norms of the firms’ policies and limits on the use of financial resources.
There is no information yet about other new tools that will be created in the process of cooperation between American Express and Microsoft.
As we have reported earlier, American Express Launches TikTok Accelerator for SMEs.
Serhii Mikhailov
Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.
