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Versapay Unveils Versapay Intelligence for AI-Driven Workflow Enhancement

In a move that underscores its leadership in business automation, Versapay has unveiled an innovative addition to its accounts receivable platform known as Versapay Intelligence. This newly developed AI layer is designed to enhance the efficiency of the invoice-to-cash workflow, which encompasses invoicing, collections, cash application, payments, and ERP connectivity.

A Leap Forward in AI Application

Although AI is not new to Versapay, the company has consistently integrated advanced techniques into its cash application processes for years. This endeavor has notably included remittance matching and risk segmentation powered by machine learning before such capabilities became commonplace in invoice-to-cash software. Today’s announcement amplifies that commitment, consolidating various functionalities into a singular intelligence layer that permeates the entire platform rather than being compartmentalized into isolated modules.

Carey Kolaja, CEO of Versapay, expresses the company's unique position:

"Versapay is applying one intelligence layer across a platform that already unifies invoicing, collections, cash application, payments, and ERP connectivity. We've spent more than 20 years perfecting this integration, allowing us to grasp the broader context of not just transactions, but also operational signals and relationship dynamics behind them. This foresight is essential as we define the future of invoice-to-cash processes."

Building Trust in AI

A pivotal aspect of Versapay Intelligence is its emphasis on trust and gradual implementation. Versapay recognizes that meaningful AI application cannot be autonomous from the outset. Therefore, it has developed a four-stage framework that enables customers to control the level of responsibility AI assumes:

1. Augment - The AI simplifies workflows and provides insights but leaves final decisions to the customer.
2. Assist - AI influences outcomes, drafts communications, and identifies risks while enhancing customer decision-making.
3. Action - The AI takes action within pre-set boundaries defined by the users.
4. Autonomous - AI coordinates with other agents and closes loops within defined permission structures.

As part of this framework, three functionalities of Versapay Intelligence are already operational: a Versapay Assistant that assists in prioritizing invoices, real-time sentiment scoring that highlights potentially risky customer interactions, and AI-generated summaries that detail customer payment histories.

Additionally, the company is in beta testing for AI-powered cash applications, which reads remittance details across various formats and matches them with open invoices automatically. This functionality aims to enhance matching accuracy and predictability significantly.

Christy Johnson, Chief Product Officer, states:

"Our goal was to empower customers with AI that supports their judgment and reduces manual workloads. By directly responding to inquiries and surfacing critical buyer signals, we're building the trust necessary for AI to assume more complex roles."

Expanding Collections Capabilities

In response to customer feedback, Versapay is also enhancing its collections capabilities to alleviate manual work while providing flexibility in strategies. Automated segmentation based on risk and behavior, customizable workflows with tailored outreach cadences, and prioritized task lists for collectors embody this approach.

Lisa Pillans, Corporate Controller of Essential Cabinetry Group, shares her enthusiasm:

"We’ve been successfully using Versapay for our accounts receivable, so the natural progression into their new collections module feels seamless. Smarter segmentation and automation will significantly improve our efficiency."

Integration into Existing Workflows

To further meet customer needs, Versapay emphasizes the importance of embedding its intelligence into the systems businesses already operate. This integration means enhanced functionality across various ERP systems, including NetSuite, Sage Intacct, and Microsoft Dynamics, enabling teams to leverage insights directly within their existing frameworks. Key features that have recently launched include:

• - Integrated payments for Microsoft Dynamics FSCM.
• - Extended NetSuite Pay functionalities supporting Canadian merchants.
• - Grouped invoice payments synced back to NetSuite through Versapay’s customer portal.
• - Project-based and multi-currency support for Sage Intacct.

As testament to its robust platform, Versapay has garnered accolades such as G2's 'Users Love Us' and 'Leader' badges.

About Versapay

Versapay is revolutionizing accounts receivable by streamlining the collection and reconciliation of B2B payments. Its end-to-end cash flow management system empowers finance teams by seamlessly connecting various business systems. With over 10,000 customers and facilitating more than 120 million transactions annually, totaling over $300 billion in payment volume, Versapay stands at the forefront of modernizing financial workflows. To explore more about how Versapay can enhance your financial operations, visit versapay.com.