Crater launched artificial intelligence-powered accounts receivable (AR) and accounts payable (AP) solutions for banks, credit unions and B2B platforms.
With these solutions, customers can offer white-labeled, embedded AR/AP products like invoicing and bill payments, customized to their brand identity and supported by an AI-powered copilot that provides an intuitive interface for users, the company said in a Tuesday (Oct. 29) press release.
“Utilizing Crater’s flexible APIs and SDKs, financial institutions can quickly deploy these automation products, bringing clients powerful features that were once resource-intensive to develop,” the release said.
Crater also launched an AI-powered workflow automation feature that enables clients to automate processes like the creation and management of invoices, the onboarding of businesses and the scheduling of payments, according to the release.
A third new offering from Crater is its Universal Payments API, which enables clients to integrate with major payment networks like Stripe, Finix, WorldPay and Plaid by making a single word change in their codebase, per the release.
“Crater’s new AI-driven products empower businesses to embrace full-scale automation across AR/AP and payments workflows, enhancing operational efficiency and providing seamless multi-network integration,” Crater CEO Nikhil Pathak said in the release. “These advancements mark a pivotal step toward more intelligent, adaptable financial automation.”
Seventy-two percent of finance leaders said they are actively using AI in their operations, according to the PYMNTS Intelligence report, “Is AI the Master Key to Banking’s Next Era?”
The report found that AI’s potential to revolutionize the financial industry is evident across various applications, with 64% of finance leaders saying they use the technology for fraud detection and 42% saying they use it for customer onboarding automation.
In another, separate product launch in the space, Sage said in August that it was expanding its AP automation offering globally. The company’s AI-powered tool is already being used by businesses in the United States to process over 10,000 bills per month.
In July, TranscendAP added new AI and machine learning functionality to its AP platform for mid-market and large enterprises. The platform can be configured to support the most complex AP processes.
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