Truist's AI platform slashes delays in business receivables and online payments

Truist Financial Corporation has launched a new AI-powered platform to streamline business receivables management. The solution aims to tackle common business challenges, including delays in online payments 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 online payments 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 receivables processing. Research shows that 70% of corporate treasurers struggle with delays in online payments 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 online 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 business 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 payment disruptions. Truist has not disclosed how many companies have already begun testing or implementing the solution.