Applied data platform company Inmar Intelligence on Wednesday (Jan. 12) launched a Software-as-a-Service (SaaS) and payments solution for small and medium-sized consumer packaged goods (CPG) companies and pharmaceutical manufacturers called DeductionsLink.
The new platform is aimed at modernizing small- to medium-sized businesses’ deductions management processes through the use of artificial intelligence (AI) and automated process management. This allows for cross-functional collaboration and better visibility into deductions recovery trends, and is part of Inmar Intelligence’s LedgerSync platform.
“DeductionsLink will be a game-changer for CPG and pharma brands that have traditionally struggled with unnecessarily manual deductions management processes,” John Helmle, executive vice president and division president of FinTech at Inmar Intelligence, said in the company announcement.
“As a trusted intermediary for returns and incentives workflows between retail, CPG and pharma companies, Inmar Intelligence is in the perfect position to provide a solution such as DeductionsLink that will help free up much needed accounts receivables staff resources, and directly address the significant losses in revenue experienced through invalid deductions,” Helmle continued.
DeductionsLink brings Inmar one step closer to its vision of “autonomous settlement” with a shared platform that contains data all parties agree is accurate.
“DeductionsLink has been built to solve the unaddressed needs of CPG and pharma companies,” Dash Bibhudatta, vice president of product management at Inmar Intelligence, said in the announcement.
Related: 75% of Acquiring Banks Now Use Artificial Intelligence to Detect Card Transaction Fraud
A new PYMNTS report, AI In Focus, a Brighterion collaboration based on a survey of 104 executives at acquiring banks, found that 37% of acquirers say payments volume increased in 2021.
Ninety-three percent of acquirers say their ratio of fraudulent transactions as a share of total transactions increased in the last 12 months, and PYMNTS research shows 75% of acquirers use AI to detect card transaction fraud.
Some evidence suggests AI can also improve payment volume. Acquirers that use AI are 2.6 times more likely than those who do not to say their payment volumes have increased in the last 12 months.
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