Progress Bank Launches Business Receipt Management From Sensibill

Progress Bank, which serves companies in Alabama and the Florida panhandle, has rolled out Sensibill’s online receipt management offering, with the aim of conserving time, increasing efficiencies and offering a better digital experience for clients, according to a Thursday (Nov. 12) announcement.

“With Sensibill, we are modernizing and digitizing receipt and expense management, a traditionally cumbersome and time-consuming process,” Progress Bank SVP of Operations, Finance and Technology Randy Tidwell said in the announcement.

Business clients of the bank can easily take in and keep receipts from online banking apps by harnessing Sensibill’s artificial intelligence (AI)/machine learning (ML) infrastructure via the FIS Digital One platform.

The feature also lets companies monitor expenditures in a simpler fashion, keep company and personal expenses separate and better manage their overall financial wellness.

“Relationship-focused institutions like Progress Bank understand the importance of providing customers with quick and intuitive digital tools to help them better manage everyday spend,” stated Sensibill Co-founder and CEO Corey Gross.

Gross noted that the technology enables bank clients to eliminate the time and trouble of tracking and analyzing hardcopy receipts, which also reduces the difficulty of filing taxes and managing costs. In addition, he said that the bank gets a clearer view into their clients’ financial needs, bolstering engagement and “positively contributing to the bottom line.”

In separate news, Sensibill recently rolled out a Receipt Extraction API, an ML-based offering that automates and simplifies the transcription of receipts. The offering will help companies deepen engagement and engender client loyalty, according to a release at the time.

The offering can be harnessed by companies such as enterprise accounting firms to cut down on expenses. Financial services firms can use the SKU-level information to tailor their offerings, while rewards and loyalty firms can use it to provide rewards to users faster.