Intellect Design Arena launches invoicing solution

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Intellect Design Arena, a FinTech providing solutions to various financial and insurance companies, announced on Thursday July 21 the launch of its new “contactless” invoice processing solution.

The solution, called Magic Invoice, is powered by artificial intelligence (AI), machine learning and natural language processing.

Intellect said Magic Invoice streamlines and automates the invoice processing journey. Depending on the version, invoices are pulled directly from emails and data capture feeds into processing.

Through a review and approval processing process, the business ensures that invoice data matches business data points, automatically routing it to the right people at different stages of the accounts payable processes. . The release also noted that users don’t need to have a lot of training to use the solution.

Magic Invoice is able to take documents and identify meaningful capture data, feeding it back into the system using application programming interfaces (APIs). The idea is to reduce errors while maximizing work efficiency.

According to Intellect CEO, Banesh Prabhu, there has been an increase in purchases of products and services, which has led to more bills.

“Effective invoice management is a critical function that has a big impact on a company’s profitability, right up to revenue,” Prabhu said. “Manual data collection and billing is paper-intensive, time-consuming and expensive, with a high error rate.

“Magic Invoice, with its revolutionary NO TOUCH invoice processing system, meets the ever-changing invoice processing needs of businesses. Magic Invoice’s automation technology eliminates payment errors and late payments.

PYMNTS wrote that other companies have also updated billing services. FloBiz, a neobank based in India, recently added an electronic billing service to its myBillBook product.

See also: FloBiz launches electronic invoicing service on myBillBook

MyBillBook is FloBiz’s Goods and Services Tax (GST) billing and accounting product.

FloBiz said the product will add to myBillBook’s advanced invoicing capabilities and help it generate compliant invoices with the Indian government, which has mandated simplification of tax processes.

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