AI-Fueled Payment Automation Opens the Door to a New Era of Cash Management Opportunities

It’s hardly a secret that chief financial officers are making payment processing a big priority in 2023.

That’s especially the case as a volatile economic landscape puts pressure on the CFO suite to more quickly and efficiently rake in revenues and streamline cash flows.

It’s also notable that CFOs ranked automated payment processing at the top of the list of “must haves” on CFO Magazine’s 2023 Outlook Survey.

It’s not just the CFO report.

In the latest American Express Amex Trendex Report, 36% of U.S. companies say automated payments are “savings finance team’s time, with most firms reporting an average of 10 labor hours per week saved by automating payments. “

Another 68% of finance executives say they have plans to either launch automated payment initiatives or increase existing automated payment operation campaigns. That’s a 12% rise from 2022, AmEx reports.

Enter Generative AI Analytics

Financial managers have been using predictive artificial intelligence to shepherd the payment process through the necessary checkpoints for several years.

Now, it’s generative AI’s time to shine with a new set of tools corporate financial officers can use that optimize efficiency, guarantee customer payments, find investment opportunities, and leverage real-time payment processing speeds.

In particular, these two strategies should be among the most effective and the most transformative for companies.

Fraud detection/protection in real-time. Chief financial officers cite cybersecurity as the biggest risk in deploying AI solutions in 2023, according to Deloitte. No doubt, with multiple new forms of payments (especially instant payments), fraudulent actors are increasingly exploiting company data security vulnerabilities.

Generative AI and its ability to process data in real time can help risk management specialists uncover patterns and anomalies and allow companies to go offense against payment fraud. Gen AI can also detect fraudulent attacks by acting as a data security reconnaissance team and stop fraud from happening – even with instant payments that transact within a split second.

Producing better investment calls. Generative AI also possesses the ability to pull and disseminate data within seconds of being processed, a task that normally takes human data specialists minutes or even hours to complete.

Next-generation artificial intelligence changes the way humans receive and steers data insights to the right people in the company. For example, Gen AI enables data specialists to set preferred data inputs ahead of time by simply asking AI chatbots to present the data they need in their preferred format. Additionally, financial data specialists can ask their Gen AI systems to accept payments from clients, NGOs, business partners, and other parties.

Company finance specialists can also ask their AI systems to automatically reroute that money through the system via continually updated cash management dashboards. They can also ask Gen AI to steer that money to key financial investment areas (i.e. financial markets, currencies, geographic regions, real estate, commodities, or into a company’s own products and business development budgets) to maximize investment opportunities.

With Generative AI, company data specialists can run a vast array of market testing scenarios with the granular statistical programming required to target the best investment opportunities for a company.
Now, all of those tests that may have previously taken weeks or months for a human data specialist to create can be run in seconds.

In doing so, Gen AI is taking payment automation to a new level, saving companies 10,000 hours or more of human labor hours on an annual basis.

All within budget and all with an emphasis on data integrity and data protection – for now, and especially for the long term as Gen AI only grows more pervasive and more productive.

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