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Vic.ai Enters Payments Space With new Accounts Payable Solution

Vic.ai, the AI autonomous finance platform, has launched ‘Vic.ai Payments’; delivering an end-to-end solution for Accounts Payable (AP) teams.

Now available for all customers based in the US, Vic.ai Payments hopes to save time, reduce risk and improve cash flow. It aims to do this by integrating all components of AP processing, from invoicing to payments, into a single, end-to-end system powered by the industry’s most advanced artificial intelligence (AI).

Switching individual vendors to electronic payments can be time-consuming and difficult; while storing sensitive payment information from vendors presents risk. Dealing with various payment vendors is also often labour-intensive and creates challenges for end-to-end visibility. Meanwhile, late payments not only lose out on rebates and discounts, but can also harm reputations and tarnish relationships.

Vic.ai Payments aims to bring a solution to this 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, already supports AP teams when processing and approving invoices with less human oversight, in less time, and with fewer errors.  To date, Vic.ai suggests that its AI has helped save over 10,000 corporate finance and accounting clients more than $188million and six million hours.

Alexander Hagerup, co-founder and CEO of Vic.ai
Alexander Hagerup, co-founder and CEO of Vic.ai

Alexander Hagerup, co-founder and CEO of Vic.ai, said: “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.

“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 centres and taking them another step closer to autonomous finance.”

Supporting customer payments

Despite the fact that 64 per cent of CFOs expect autonomous finance to eventually become the norm, finance leaders currently face an antiquated and inefficient payment landscape. Many companies still pay their invoices with cheques – a time-consuming and high-risk form of payment, prone to error and fraud.

Customers using Vic.ai Payments can pay using 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.

Vic.ai’s integrations with major ERPs further reduce the workload for AP and IT employees. In turn, vendors benefit from the convenience, speed, and sustainability of electronic payments.

Vic.ai’s Autonomous Invoice Processing and Approval Flows generate ROI for customers by enabling them to process invoices and purchase orders 24/7 – boosting productivity, facilitating faster month-end closes, and freeing up resources for higher-value functions.

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