NEW YORK, Feb. 29, 2024 (GLOBE NEWSWIRE) -- Vic.ai, the leading autonomous finance platform, today announced another step forward in the evolution of Accounts Payable with the release of AI-powered early payment discount detection and zero fees on all U.S. transactions made through Vic.ai Payments. Proactive discount alerts, free U.S. transactions, local currency options, and more will unlock unprecedented savings potential for Vic.ai customers.
Payments are a persistent challenge for accounts payable (AP) teams. In addition to being time-consuming, manually intensive, and vulnerable to fraud, payments can be costly – in terms of labor costs, processing, and the risk of delayed payments.
Vic.ai’s seamless invoice-to-payment platform revolutionizes payments by processing invoices in 80% less time with up to 99% accuracy – meaning invoices can be ingested, coded, and approved in time to capture early payment discounts. In contrast to automation software that requires users to create custom rules, Vic.ai’s proprietary AI effortlessly identifies and surfaces vendor-specific early payment discounts so customers can identify potential savings and capitalize on these opportunities. And when creating a payment batch, payors can now proactively schedule those payments in advance, making it easier to take advantage of early payment discounts and payment due dates.
“Vic.ai continues to push the boundaries of what’s possible in autonomous finance and we measure our success by the ROI we deliver for our customers. Helping AP teams maximize their time, control their cash flow, protect their companies from fraud, and now unlock unprecedented savings opportunities is another step towards achieving our platform vision,” said Alexander Hagerup, co-founder and CEO of Vic.ai. “With today’s product release, we’re delivering another level of efficiency and savings to our customers. All they have to do is press ‘pay’ – with the knowledge that Vic.ai will optimize the rest.”
Vic.ai Payments latest releases also includes the following benefits:
- Maximum discounts: AP teams can organize their tasks and approval processes effectively, maximizing their ability to capitalize on available discounts.
- Free U.S. transactions: Transactions will now be free when paying within the U.S.
- Seamless international payments: Payments from the U.S. sent abroad can now be sent using local currency – resulting in quicker payments and simplified account reconciliation for vendors.
- Teamwide visibility: Payments displays early payment discount timeframes and cost reductions to all involved users, including invoice processors, approvers, initiators and approvers. Email notifications notify teams of approved payment batches, and summaries of outstanding invoices. Users in the platform can view bill payment history, transaction status monitoring, vendor reception confirmation, payment audit logs, and more.
- Real-time tracking: Payment approvers can monitor their progress with all discount opportunities directly within the payments batch approvals page – enabling them to track their savings in real-time.
Antler, a champion of innovators around the world, is eager to incorporate these enhancements into their AP workflows.
"At Antler, we are focused on helping founders build companies that are efficient and set up for sustainable growth,” said Bjarne Abrahamsen, CFO of Antler. “Our strong partnership with Vic.ai is based on these shared values, supported by Vic.ai’s focus on using AI to empower AP teams like never before. We are excited to drive more efficient cash flow and team productivity as a result of these new innovations to Vic.ai Payments."
Launched in 2023 as an expansion of Vic.ai’s autonomous finance platform, Vic.ai Payments uses leading-edge AI to power payment automation at scale – getting customers up-and-running quickly with immediate access to 3.8M+ vendors and 2-3x faster payment processing. Vic.ai Payments offers a single, secure workflow for all payments – check, ACH, virtual card, and international – saving customers time, reducing the risk of errors, mitigating check fraud, and improving cash flow.
Learn more about Vic.ai Payments at https://www.vic.ai/products/payments.
About Vic.ai
Vic.ai is pioneering the use of autonomy and intelligence to digitally transform accounting and finance processes to improve productivity, decision-making, and ROI. Vic.ai addresses the most manual and inefficient task in accounting — invoice processing — to improve its speed and scalability and ultimately enable customers to reinvent their accounts payable operations and improve financial management. By processing more than half a billion invoices with up to 99% accuracy, Vic.ai has helped 10,000+ customers achieve nearly $200 million in cost savings and 6 million hours in time savings. Vic.ai is jointly headquartered in New York City and Oslo, Norway. For more information, please visit http://www.vic.ai/.
Vic.ai Media Relations
Ashley Paula-Legge
Big Valley Marketing
alegge@bigvalley.co
707-972-0073
