NEW YORK, Aug. 31, 2023 – Vic.ai, the leading AI autonomous finance platform, today announced the launch of Vic.ai Payments to complete its vision of delivering an end-to-end solution for Accounts Payable (AP) teams. Available today for all U.S. customers, Vic.ai Payments saves time, reduces risk, and improves cash flow by integrating all components of AP processing, from invoice to payment, into a single, end-to-end system powered by the industry’s most advanced artificial intelligence (AI).
“Our customers wanted a solution that not only autonomously ingested, processed, and approved invoices, but also enabled one-click payments. And with Vic.ai Payments, we have delivered,” said Alexander Hagerup, co-founder and CEO of Vic.ai. “We’re thrilled to continue helping our customers gain control over their cash flow throughout their invoice processing journey, turning their AP departments into profit centers and taking them another step closer to autonomous finance.”
Despite the fact that 64% of CFOs anticipate that autonomous finance will soon become the norm, finance leaders today are faced with an antiquated, inefficient, and often perilous payment landscape. Many companies pay their invoices with checks – a time consuming and high-risk form of payment, prone to error and fraud. Switching individual vendors to electronic payments is cumbersome, and storing sensitive payment information from vendors presents risk. Dealing with various payment vendors is labor intensive and creates challenges for end-to-end visibility. And late payments not only lose out on rebates and discounts, but can also harm reputations and tarnish relationships.
Vic.ai Payments changes the game by offering a single, secure workflow for customers to pay invoices in one click, to any vendor, however they prefer – via check, ACH, virtual card, or international – all within Vic.ai’s integrated platform. Vic.ai’s proprietary AI, which was recently enhanced to increase accuracy and best-in-class predictions for customers, already empowers AP teams to process and approve invoices with less human oversight, in less time, and with fewer errors than ever before. To date, this advanced AI has saved 10,000+ corporate finance and accounting clients more than $188 million and six million hours. Vic.ai Payments completes that autonomous invoice lifecycle, posing even greater savings for customers.
Vic.ai Payments provides several additional benefits:
- Simplified experience: Customers can pay with virtual cards to take advantage of rebates and capture vendor discounts with early payments, or make partial payments to hold onto cash longer to earn more interest.
- Vendor relationship management: Vic.ai handles onboarding and payment optimizations on customers’ behalf based on vendor preferences and industry best practices.
- Seamless integration: Vic.ai’s integrations with major ERPs further reduces workload for AP and IT employees, alike. In turn, vendors benefit from the convenience, speed, and sustainability of electronic payments.
Antler, championing innovation across 25 global cities, is looking forward to deepening its partnership with Vic.ai by adding Payments in addition to invoice processing.
“Our core is in recognizing and nurturing potential. In our quest for progress and in championing resilient founders, our collaboration with Vic.ai stands out. Their dedication to efficient and precise invoice processing mirrors our own commitment to excellence. We are excited to further streamline our operations with the introduction of Payments.” said Bjarne Abrahamsen, CFO of Antler.
Vic.ai’s solutions continue to push the boundaries of AI to make finance and accounting teams more efficient, accurate, and intelligent. Vic.ai’s Autonomous Invoice Processing and Approval Flows generate significant ROI for customers by enabling them to process invoices and purchase orders 24/7 with up to 99% accuracy – boosting productivity, facilitating faster month-end closes, and freeing up resources for higher-value functions. Vic.ai’s in-development offerings include Spend Intelligence, a first-of-its-kind prescriptive AI technology for advanced enterprise-grade cost optimization.
Payments is available now in the U.S. Schedule a call to learn more and join Vic.ai on September 7th, at 2 PM EST for a demo and platform updates.
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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 www.vic.ai.
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