Digits, an accounting software company, has launched a new AI platform designed to help small businesses and retailers better manage their cash flow.
It’s said to be the world’s first first pay product that understands the document structure of an invoice. The software uses layout aware, advanced language models to help small business owners and retailers to manage their accounts.
Technology is making payments safer and faster
Technology is not just making it easier to accept and process online payments, it’s also making them safer.
The gambling industry is just one of the many sectors to benefit from this. When people play online slots and new game releases, a lot of microtransactions are made over a short period of time. Each payment needs to be safe and secure, with measures such as KYC implemented to ensure people have the best possible playing experience.
Advancements such as two-factor authentication help to add an additional level of security. You also have PINS and biometric authentication, which reduces unauthorized access to online accounts.
Although these advancements are great for consumers, ensuring that businesses are able to monitor their cash flow efficiently is also important, which is why platforms like Digits are paving the way for a new financial revolution.
Drag and drop feature for bill automation
The Digits platform allows business owners and retailers the chance to drop their invoices and bills onto the platform. AI is then used to extract vendor information while offering the option to add tags on overdue bills.
Payment history can be viewed at a glance, and payment information can be extracted in seconds. The platform uses encrypted data, ensuring that sensitive financial data is safe.
Advancements in deep learning within the financial sector are helping to make processing much more automatable, too. If you look at AP automation workflow, you will see that it starts with processing invoices and statements regarding purchase orders. The invoices then need to be coded to meet the required format for accounting purposes and then approved for payment.
By automating tasks like this, AI is able to provide insight regarding decision-making. AI can pick out patterns or even anomalies that can indicate mistakes while enhancing the security of the process as a whole. For small businesses, this could be a defining factor when it comes to scaling during times of high growth.
For retailers, this is a game-changer as it allows them to process invoices faster when purchasing goods in bulk while helping to pinpoint surges in buying activity. The additional security features that Digits has to offer are also beneficial.
With so many advancements within the payment sector, consumers have been able to reap the benefits of near instant money transfers but tech like this that’s designed to help retailers and small businesses could well trigger a new financial revolution.
The adoption of AI is increasing by the year, and tech like this could help businesses scale while ensuring that they remain compliant when it comes to protecting customer data.
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