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. Two of these are the continued usage of paper-based solutions by 80% of respondents.
There are also many errors made when there are more invoices arriving.
Bill reconciliation is a “first step,” according to Clear’s CEO and founder Archit Gupta, in a company’s attempts to improve compliance.
According to Gupta, AP staff may utilize Clear Capture as a powerful tool to digitize invoices more rapidly and accurately. “Our AI-based solution may help businesses cut down on the monthly expenditure of millions of man hours on invoice capture,” the company claims.
The acquisition helped Clear scale more quickly and solidify its position in the invoice discounting industry with greater supply chain finance, demonstrating Clear’s increased interest in lending to small- to medium-sized firms and B2B payments.
Xpedize was rebranded as Clear Invoice Discounting, and it will continue to provide working capital and liquidity to suppliers, with a goal of processing 10 billion rupees, or $131 million, by the end of 2022.
The largest FinTech SaaS firm in India, Clear, focuses on making finances simpler for Indian consumers and companies.
