Indian FinTech Clear launches AI-based AP tool

Indian fintech Clear has launched Clear Capture, an AI-based end-to-end solution that allows businesses to streamline their payment processes and automate invoices. press release so.

It will allow accounts payable teams to work on automating the purchase invoice, and detect fraud more easily. Clear Capture will allow a corporate AP team to automatically validate incoming invoices. The technology will reduce the introduction time for invoices.

The company has said it has been looking into Indian companies and has assessed some of the issues in managing accounts payable. These include the fact that AP teams spend an inordinate amount of time reconciling invoices against purchase orders and other data, and that 80% of respondents still use a lot of paper-based products.

There are also many errors that occur when the number of incoming invoices is higher.

Archit Gupta, Clear founder and CEO, has said that the reconciliation of invoices was a “first step” into compliance improvements for a company.

“Clear Capture is a powerful invoice digitization tool for AP teams that reduces errors and time spent on invoice entry,” said Gupta. “Our AI-based technology can help businesses save lakhs of man-hours spent on invoice capture every year.”

PYMNTS wrote early this year about Clear’s acquisition of supply chain finance startup Xpedize.

Read more: SaaS Startup Clear Snaps Up Supply Chain Tech Platform Xpedize

The acquisition saw Clear gain more credit for SME and B2B payments and helped Clear scale faster, capturing its position in the invoice discounting space with more supply chain financing.

Renamed Clear Invoice Discounting, Xpedize would continue to provide working capital and liquidity to suppliers, expected to process 10 billion rupees, or $131 million, by the end of 2022.

Clear is the largest FinTech SaaS company in India, working to simplify the economy for Indian businesses and individuals.