Intellect Design Arena launches invoice solution
Intellect Design Arena, a FinTech that provides solutions to various financial and insurance companies, announced the launch of its new “no touch” invoice processing solution on Thursday (July 21).
The solution, called Magic Invoice, is powered by artificial intelligence (AI), machine learning and natural language processing.
Intellect said Magic Invoice streamlines and automates the invoice processing journey. According to the release, invoices are taken directly from email, and data capture drives the processing.
Through a verification and approval processing process, the company ensures that invoice data matches business data points, and is automatically routed to the right people at various stages of supplier ledger processes. The release also noted that users do not need to have much training to use the solution.
Magic Invoice is able to take documents and identify capture data that is meaningful and integrate it back into the system using application programming interfaces (APIs). The idea is to cut down on errors and at the same time optimize work efficiency.
According to Intellect CEO Banesh Prabhu, there has been an increase in the purchase of products and services, which has led to more invoices.
“Effective management of invoices is a critical function that affects the profitability of a business to a large extent, equal to revenue,” said Prabhu. “Manual collection and invoicing of data is paper-intensive, time-consuming and expensive, with a high error rate.
“Magic Invoice with its ground-breaking NO TOUCH invoice processing meets the ever-evolving invoice processing needs of businesses. Magic Invoice’s automation technology eliminates payment errors and late payments.”
PYMNTS wrote that other companies have also updated billing services. FloBiz, a neobank based in India, recently added an e-invoicing service to its myBillBook product.
See also: FloBiz launches eInvoicing service on myBillBook
MyBillBook is FloBiz’s goods and services tax (GST) invoicing and accounting product.
FloBiz said the product will add to myBillBook’s advanced invoicing capabilities and help it generate invoices in compliance with the Government of India, which has mandated simplification of the tax process.
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