Digits launches AI Bill Pay for small businesses

Accounting software company Numbers has been launched Pay AI invoicean artificial intelligence (AI) accounting platform.

The company is calling it the world’s first bill payment product that fully understands the structure of billing documents, the company said Tuesday (April 30) press release that the software uses layout-aware language models so business owners can manage their accounts payable workflows with a few clicks.

Business owners can drag their invoices onto the Digits platform or forward them via email. Digits’ AI then processes the invoices and extracts relevant supplier and payment information, including line-level details. Business owners can then click ‘Approve & Pay’, which completes the process.

Digits also offers enhancements such as tags on overdue invoices, totals on open invoices and payment history at a glance, making it easier for business owners to manage cash flow, the release said.

The company noted that AI Bill Pay is the result of extensive design and engineering, including leading work in layout-aware language models. The AP software is a trained AI that can accurately extract all bill payment information within seconds.

The AI ​​is self-hosted and owned by Digits, according to the release. It works and is trained on encrypted data, which ensures the security of companies’ sensitive financial data. Invoices remain within Digits’ U.S. infrastructure, are encrypted and are never shared with third-party AI companies or models, the release said.

Like PYMNTS reported Earlier this month, recent developments in deep learning and computer vision have made invoice processing more automated.

That’s according to Krishna Janakiramanhead of technology Ottimatewho spoke to PYMNTS in an April 5 interview about how AI can enrich AP processes.

“If you look at the entire AP automation workflow, it starts with processing invoices or documents like statements and purchase orders, and then you code those documents into accounting dimensions, and finally you approve those documents for payment,” Janakiraman explains.

He added that AI not only automates tasks but also provides insights that can help with decision-making. By analyzing massive amounts of data, AI can detect patterns or anomalies that could indicate fraud or errors, which can improve the security and integrity of AP processes.

For all PYMNTS B2B coverage, subscribe to the Daily B2B newsletter.