Airbase Demonstrates the Transformational Power of AI with the Launch of Touchless Accounts Payable

AI-powered automation will save AP teams hours every week and will reduce payment fraud risk.

Airbase, the leading procure-to-pay solution for mid-market and larger organizations, is excited to announce a new era in financial operations with its launch of AI-powered Touchless AP (accounts payable). Digital transformation remains a top priority for 79% of finance leaders in 2024 according to Gartner. Yet, despite the availability of AP automation solutions, finance teams continue to struggle with manual, time-consuming processes that prevent them from focusing on high-value strategic work, as highlighted by IDC. Airbase’s new Touchless AP system addresses these frustrations by fully automating the entire AP lifecycle — from vendor onboarding to reconciliation — freeing finance teams to focus on business growth.

“One of my founding principles at Airbase has been to rigorously apply the most advanced technology in building our procure-to-pay solution,” said Thejo Kote, Founder and CEO of Airbase. “But we don’t leverage technology for its own sake. Our goal is to use these advancements to help finance teams streamline the complex and risk-filled AP process, allowing them to focus on higher-value strategic work.”

Airbase’s AI-powered touchless AP system is built to handle every step of the accounts payable process with minimal human intervention. Key features include:

• Rapid AI-Driven Automation: Automatically processes invoices, handles approvals, and schedules payments — reducing errors and ensuring compliance.
• Real-Time Fraud Detection: Monitors multiple data points to detect and prevent fraudulent activities.
• Enhanced Vendor Management: Simplifies vendor onboarding with automated tax and bank account validation, OFAC checks and secure payment processing.
• Comprehensive Spend Analytics: Provides rich insights into spending patterns, helping businesses make informed financial decisions.

Kevin Permenter, Senior Research Director, Financial Applications at IDC, adds, “AI-driven solutions have huge potential. These tools present companies with unprecedented capabilities which can be used to streamline processes, reduce errors, and ultimately, gain a competitive edge. As a result, I expect the Airbase’s Touchless AP, which has AI at its core, to be well-received in the market.”

With this launch, Airbase continues to solidify its position as the leading provider of AI-powered procure-to-pay solutions. Touchless AP is available now to all Airbase customers.

For more information, please visit www.airbase.com/modules/ap-automation.

About Airbase

Airbase is the only procure-to-pay solution to combine enterprise-grade power with a delightful user experience. With it, organizations orchestrate the full procure, pay, close cycle using powerful AI-powered software for the full spectrum of purchasing workflows from intake to insights. Mid-market to enterprise-level organizations get the level of sophistication they need and enjoy effortless company-wide adoption. Airbase radically simplifies purchasing to ensure compliance and smarter spending. Stop reckless spend, reduce risk, save time and money, and get easy access to spend analytics for better decision-making.

Combine any or all of our best-of-breed products — Guided Procurement, Touchless AP, Expense Management, and Corporate Cards to meet your needs today and scale with you tomorrow. Our collaborative platform seamlessly syncs to your ERP and integrates with critical business applications.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240926610819/en/