What is AP Automation?
Accounts Payable Automation (AP Automation) is a technology used to machine automate the whole accounts payable process so that machine vision can perform the bill data extraction process followed by a series of workflows like fraud detection, anomaly detections, approvals etc before scheduling the bill for payment.
Accounts Payable (AP)* is money owed by a business to its suppliers shown as a liability on a company’s balance sheet. Typically the function of the finance department responsible for manual labor intensive process is extracting bill information, validating it against policies and then scheduling the payment of that liability.
Veryfi’s AP Automation empowers organizations of all size with innovative technologies like AI data extraction, AI fraud detection and payment processing towards sustainable, cost effective and smarter outcomes.
Veryfi’s Accounts Payable automation (AP Automation) uses modern technology (without the liability, restrictions of legacy technology or methods that rely on human intervention) to streamline and automate accounts payable processes, removing manual tasks and providing better visibility to reduce fraud and enable control over important financial data.