Wells Fargo is deploying artificial intelligence, machine learning and robotic processing in a new accounts receivable service that it says will simplify payment and remittance data capture as well as invoice matching.
The Integrated Receivables service automatically captures data from payments and invoices. It corrects and validates remittance information using machine learning and the customer’s accounts receivable data.
Integrated Receivables and its underlying technologies enable error correction while improving matching logic over time, a process the company says can help clients conserve labor and other resources.
The system corrects both human error and mistakes made in data-imaging or data-capturing systems, and it has an option for manual validation as needed. Machine learning engages when any correction is made in order to store accurate information for future use.
“Integrated Receivables allows our clients to spend less…