Infosys’ business process management arm, Infosys BPM, has added artificial intelligence agents for invoice processing to its Infosys Accounts Payable on Cloud solution.
This solution makes invoice processing largely autonomous to enhance efficiency and accuracy, the company said in a Friday (May 30) press release.
The solution includes the capabilities of the suite of generative AI services, solutions and platforms called Infosys Topaz, as well as Microsoft’s AI stack, including Azure AI Foundry and other large language models (LLMs), according to the release.
“By integrating Infosys Topaz with a purpose-built multi-agent framework, along with Microsoft’s AI stack, we’ve developed a solution that is autonomous by design, responsive to change, and built to evolve,” Anantha Radhakrishnan, CEO and managing director of Infosys BPM, said in the release.
Infosys developed the AI agents in collaboration with Americana Restaurants, which operates more than 2,600 restaurants across the Middle East, North Africa and Kazakhstan, according to the release.
“With AI-powered Infosys Accounts Payable on Cloud, we have made invoice processing faster, enhanced accuracy and improved efficiency,” Harsh Bansal, chief financial officer and chief growth officer at Americana Restaurants, said in the release. “The addition of Agentic AI takes this a step further, reducing manual dependencies and bringing more intelligence and autonomy into our invoice processing.”
When AI is applied to accounts payable, AP teams are freed from the manual burden of keying data and chasing approvals, according to the PYMNTS Intelligence and Coupa collaboration, “Smart Spending: How AI Is Transforming Financial Decision Making.”
The report found that 38% of U.S. chief financial officers at large enterprises are actively using AI in the AP programs, and an additional 43% are interested in doing so.
In August, Vault, which has since rebranded to Venn, released new functionality for its platform to help Canadian businesses automate vendor payments. The company said early testing showed businesses could reduce the time needed to pay their vendors by 70%.
In May 2024, Financial Information Technologies (Fintech) expanded its platform’s automated invoice processing capabilities to include all B2B transactions. The company said the expanded automated invoice processing can help businesses save time, reduce costs, improve accuracy and ensure compliance across their entire invoice database.
Source: https://www.pymnts.com/
