Tipalti enhances AI capabilities to reduce manual workloads and empower finance professionals

Global Payables Leader integrates generative AI into its industry-leading Payables intelligence engine to further drive productivity

FOSTER CITY, Calif., June 6, 2023 /PRNewswire/ — In the wake of its growth funding news, Tipaltithe leading global debt automation platform, today announced that it has integrated OpenAI’s GPT-4 technology to strengthen Tipalti Pi (Payables Intelligence), their continuously adaptable and integrated debt intelligence engine that harnesses the power of artificial intelligence (AI). Named CPA Practice Advisor Winner “Technological Innovation Award” In 2020, Tipalti Pi will now include two new updates: Enhanced Auto Coding and Ask Pi.

Leveraging Generative AI, auto-tagging will analyze the context of the purchase order, invoice, and ledger and enable better matching accuracy and help further eliminate hand-tagging. Ask Pi provides an intelligent assistant with robust data analysis features. These latest features combine to provide valuable insights to customers and advance Tipalti’s mission to revolutionize the debt process.

“Tipalti offers high-speed, middle-market businesses an integrated financial automation solution that drives business performance powered by artificial intelligence. Tipalti’s latest feature, incorporating OpenAI’s GPT-4 technology, strengthens their intelligence-based capabilities. ‘artificial intelligence,’ he said Kevin Permenter, Director of Research at IDC. “Leveraging generative AI to automatically tag invoices promises to free AP staff from tackling data entry tasks, enabling faster invoice processing with fewer human taps and fewer errors by predicting correct tagging on an invoice and a purchase order”.

“The emergence of recent AI capabilities are a perfect match for applications in the CFO’s office,” he said Chen Amit, CEO and co-founder of Tipalti. “We are proud to have led our industry for many years by incorporating AI into our existing solutions and are excited to share the latest way we are revolutionizing the entire debt process by leveraging the latest AI capabilities on the market. This will help our customers not only save even more time and improve financial accuracy, but also provide them with deeper insight into the entire AP operation.”

Automatic coding
Hand-tagging invoices is time-consuming and error-prone, requiring manual comparisons of previous transactions and input from people across your organization. To alleviate this problem, Tipalti has enhanced its auto-coding technologies by incorporating OpenAI to further transform hand coding as it exists today, more accurately predicting the correct coding on an invoice and purchase order. Ultimately, this improves spending visibility, which is critical in today’s challenging economy. In internal testing, the updated technology has been shown to save up to 40% of additional processing time for invoices, allowing users to spend more time on other value-adding projects.

Ask Pi
Ask Pi, an AI-powered digital assistant, allows customers to easily access information and instantly answer key business questions, saving time and resources. Through a chat interface, any user within the organization can interact with the ChatGPT-based assistant to get answers to simple or complex financial and system questions quickly and easily.

Users can ask questions designed to improve their usage and understanding of the Accounts Payable solution, such as: Who are my 10 slowest approvers? How much volume was spent last year on employee education projects? Can you identify key trends in T&E budget spend year-over-year? Why are most invoices sent back to AP for corrections? Ask Pi eliminates multi-step processes and the need to conduct complex manual Excel-based analyses, while eliminating the need to navigate user interfaces.

“Tipalti’s AI-powered digital assistant, Ask Pi, will provide automated insights into business performance by allowing finance teams to access information by asking a few questions. Tipalti Pi has the potential to enable finance teams to focus on valuable activities superior as strategic analysis and decisions instead of tedious manual debt tasks,” added IDC’s Permenter.

“We currently have 10 branches and having AI identify the correct sub has greatly reduced our manual correction work,” he said. Delia Molina, Controller at Artico, an e-commerce analytics company. “The training required across the company was minimal and helped us reduce time spent on manual tasks and focus on other initiatives required by the business.”

Auto Coding and Ask Pi are both currently in beta testing and will be generally available to all customers in Q3 of this year along with many other new generative AI features. For more information visit https://tipalti.com/product/pi-payables-intelligence/.

About Tipalti
Tipalti is the only company that manages global partner payments and accounts payable workflows for businesses at high speed throughout the financial operations cycle: onboarding and managing global suppliers, establishing procurement controls, streamlining processing and approving invoices, making worldwide payments and reconciling debts in a multi-branch finance organization. Tipalti enables businesses to scale rapidly by strategically leveraging debt with operational, compliance and financial controls. Businesses can efficiently and securely pay thousands of partners and suppliers in 196 countries in minutes. Thousands of companies, such as Amazon Twitch, GoDaddy, Roku, WordPress.com and ZipRecruiter use Tipalti to reduce operational workload by 80% and accelerate financial close by 25% while strengthening financial and spending controls. For more information, visit tipalti.com.

Contact: Rachelle Avila, [email protected]

SOURCE Tipalti