In order to assist businesses in automating invoicing and streamlining payments, the AI-based end-to-end solution Clear Capture has reportedly been introduced by the Indian fintech startup Clear.
Teams in charge of payments will be free to concentrate on simplifying fraud detection and automating the submission of purchase invoices. Thanks to Clear Capture, an enterprise AP team can instantly validate incoming invoices. The use of technology will speed up the invoice entry process.
The company asserts to have surveyed Indian companies and assessed some of the difficulties in managing accounts payable.
The fact that 80% of respondents still rely heavily on paper-based solutions and the fact that AP teams spend an inordinate amount of time matching invoices to purchase orders and other data are two examples.
Numerous blunders can happen when there are more invoices arriving.
Reconciling invoices is a “first step,” according to Archit Gupta, CEO and founder of Clear, in a company’s attempts to improve compliance.
Gupta claims that Clear Capture is a powerful technology that AP teams can utilize to digitize invoices more rapidly and accurately. “Our AI-based solution can help businesses cut back on the millions of man-hours they spend annually on invoice capture.”
The purchase showed Clear’s growing interest in lending to small- to medium-sized businesses and B2B payments and allowed Clear to develop more swiftly and strengthen its leadership in the invoice discounting sector.
With a target of processing 10 billion rupees, or $131 million, by the end of 2022, Clear Invoice Discounting, formerly known as Xpedize, will continue to offer working capital and liquidity to suppliers.
Indian individuals and businesses may benefit from financial simplification thanks to Clear, the country’s leading FinTech SaaS company.
