The company’s AI Report Generator, announced Thursday (June 12) is designed to offer utility, government and insurance billers real-time reporting using natural language processing.
“Creating reports on overdue invoices or payment behaviors has historically required manually building queries and navigating complex reporting systems, often requiring technical support and lengthy turnaround times,” the company said in a news release.
The AI Report Generator, the release added, lets billers create custom reports by typing simple, plain language prompts, which generate “complete, filterable” reports in seconds, thus letting employees spend more time on strategic activities.
Steve Schult, InvoiceCloud’s chief product officer, noted that the launch comes as the company is “deeply integrating” artificial intelligence (AI) into key parts of its platform.
“This tool is another step forward in making digital bill payment processes simpler and more intuitive for customers who are looking to achieve operational time savings,” Schult added.
PYMNTS looked at the potential — and limitations — of AI in digital payments earlier this week in an interview with Maverick Payments Vice President of Product Justin Downey.
“AI does a great job. It’s a good asset and tool, one that I use quite often,” Downey told PYMNTS. “But what these systems can lack is expertise and industry experience.”
At its most basic, that report said, leadership in payments is not about who — or what — can process more data, but rather what is done with that data. The industry’s complexity requires a blend of predictive foresight, strategic creativity and emotional intelligence — qualities at the core of human expertise.
They are not just resistant to automation, but are the very traits that AI seeks to support, PYMNTS wrote.
“You take an industry expert, you pair them up with AI, and you go for a combined approach,” Downey said. “They can leverage the data that AI offers and enhance their offering. With both cases combined, that’s going to be a win.”
Downey is matter-of-fact about AI’s potential. At Maverick Payments, he and his team use it in areas like risk management and transaction monitoring, to navigate the issues of compliance, security and customer behavior with increased precision and speed.
“When we onboard an account and do our due diligence, checking to make sure the person is who they say they are, doing the KYC [know your customer] checks. Ultimately, we can speed up by building an AI-driven data analysis process,” Downey said.
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