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Blackbook.ai

Remittance Processing

A science/testing services company uses robots to intelligently process remittance advices using AI.

Industry

Science

Testing Services

Technology stack

Document Understanding

Intelligent Automation

Industry

Science

Testing Services

Technology stack

Document Understanding

Intelligent Automation

Industry

Science

Testing Services

Technology stack

Document Understanding

Intelligent Automation

The challenge

The company’s accounts receivable team is responsible for processing remittance advices daily to ensure that customer payments are matched to the correct invoices. It is a manual intensive process where the document layouts and supplied information in the remittances vary greatly. This makes the standard automation approach using basic keyword matching more challenging and less effective.

The solution

By leveraging the Document Understanding framework and pre-defined Remittance Machine Learning model, their team was able to use intelligent bots to automatically identify remittances and effectively extract the relevant fields using AI to overcome variations in document layouts across their customer base. If the bot is unsure during field extraction, it will prompt the team to help with validation.

The outcomes

The intelligent automation solution for processing remittances frees up valuable time so that the accounts receivable team can dedicate more time toward actively managing outstanding invoices using the most up to-date invoice data. They can easily scale the solution with more bots to handle spikes in volume during month-end and year-end.

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