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Wells Fargo announced an AI-powered offering

Sep 09, 2021

AI and ML technology enables Integrated Receivables to correct errors and improve matching logic over time

Wells Fargo business

Wells Fargo announced an AI-powered offering. Source: shutterstock.com

Wells Fargo has introduced an Accounts Receivable service.

The new service is powered by machine learning, artificial intelligence and robotic processing. It will be pivotal in the simplification of payments, re-association, remittance data capture and invoice matching.

With the system, customers will spend less time combining payments data and focus on core business activities. The system will also minimize operational costs, reduce the risk of inaccurate or incomplete data entry and also increase cash flow.

Integrated Receivables allows our clients to spend less time working on piecing together payments data and more time focusing on their core business objectives. 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
Danny Peltz, head of Treasury Management & Payment Solutions for Wells Fargo

The use of machine learning and artificial intelligence enables the system to improve matching logic and eliminate errors over time. This means fewer resources and time for the manual application of payments.

The Accounts Receivable incorporates various receivable solutions into a payment channel-agnostic. The customer implementation process has also been streamlined.

Integrated Receivable is based on DadeSystems, an AR automation solution leading provider. Wells Fargo invested in DadeSystems in February 2020 in a move to boost the company’s technology solutions.

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