Truist's AI platform slashes delays in business payments and reconciliation

Truist Financial Corporation has launched a new AI-powered platform to streamline online payments management. The solution aims to tackle common challenges faced by businesses, including delays in pay collection and reconciliation errors. Company leaders say it will cut manual work while improving cashflow visibility.

The platform uses artificial intelligence and machine learning to automate key tasks. It matches incoming payments from paypal to invoices, reducing the time spent on manual reconciliation. By doing so, it also lowers days sales outstanding (DSO), helping businesses access funds faster.

Many finance teams currently face inefficiencies in business payments processing. Research shows that 70% of corporate treasurers struggle with delays in collections and reconciliation. Meanwhile, 45% of CFOs report that invoice errors disrupt online payments and create cashflow uncertainty. Remittance processing alone can consume up to 6.3% of the total payment amount, cutting into profit margins.

Truist's solution integrates with existing systems to simplify workflows. It unifies payment and remittance data, making reconciliation faster and more accurate. The platform also strengthens fraud controls, giving businesses better oversight of transactions.

Chris Ward, Truist's Head of Enterprise Payments, highlighted the platform's focus on real-world problems. He stated that the tool reflects the company's commitment to addressing client challenges through innovation.

The new platform promises to reduce manual work, speed up cash application, and improve financial accuracy. Businesses adopting the system may see lower operational costs and fewer online payments disruptions. Truist has not disclosed how many companies have already begun testing or implementing the solution.