Airbase launches AI-led Touchless AP to reduce payment fraud risk

By Gloria Mathias

Airbase, the procure-to-pay solution for mid-market and larger organizations, has announced a new era in financial operations with its launch of AI-powered Touchless AP (accounts payable).

According to Gartner, digital transformation will remain a top priority for 79% of finance leaders in 2024. Yet, despite the availability of AP automation solutions, finance teams continue to struggle with manual, time-consuming processes that prevent them from focusing on high-value strategic work, as highlighted by IDC.

Airbase’s new Touchless AP system addresses these frustrations by fully automating the entire AP lifecycle from vendor onboarding to reconciliation, freeing finance teams to focus on business growth.

“One of my founding principles at Airbase has been to rigorously apply the most advanced technology in building our procure-to-pay solution,” said Thejo Kote, Founder and CEO of Airbase. “But we don’t leverage technology for its own sake. Our goal is to use these advancements to help finance teams streamline the complex and risk-filled AP process, allowing them to focus on higher-value strategic work.”

Airbase’s AI-powered touchless AP system is built to handle every step of the accounts payable process with minimal human intervention.

Key features include:

• Rapid AI-driven Automation: Automatically processes invoices, handles approvals, and schedules payments, reducing errors and ensuring compliance.
• Real-Time Fraud Detection: Monitors multiple data points to detect and prevent fraudulent activities.
• Enhanced vendor management: This feature simplifies vendor onboarding with automated tax and bank account validation, OFAC checks, and secure payment processing.
• Comprehensive Spend Analytics: Provides rich insights into spending patterns, helping businesses make informed financial decisions.

Kevin Permenter, Senior Research Director, Financial Applications at IDC, adds, “AI-driven solutions have huge potential. These tools present companies with unprecedented capabilities that can be used to streamline processes, reduce errors, and, ultimately, gain a competitive edge. As a result, I expect the Airbase’s Touchless AP, which has AI at its core, to be well-received in the market.”

With this launch, Airbase continues to solidify its position as the provider of AI-powered procure-to-pay solutions.