Happay launches AI-Powered Invoice Processing Solution

Happay launches AI-Powered Invoice Processing Solution

CEO Insights team, Press Release

Happay, India’s leading Business Spend Automation Platform, launches a new Invoice Processing Solution to help corporate manage their Accounts Payable. With Happay Invoice, organizations can process, approve and pay vendor invoices using a single platform - digitally and effortlessly. The product is built using insights and feedback from CFOs and AP teams across its customer base of 5500+ companies. This year it has also hit $1 Billion in transaction volume.

Happay is an AI-driven tool which captures and digitizes invoices coming in from any source - using proprietary OCR technology and auto-fetch APIs. It also verifies and validates the vendor details, runs policy checks on the invoices and makes them ready for payment.

Another disruptive functionality that Happay offers is direct integration with multiple core banking systems which, in turn, enables direct payments to vendors through the Happay system. The integration adds a layer of security and gives every payment a context. Once the payment is processed, the vendor gets an email and SMS with all payment details. This way, the vendor doesn't have to chase the company for payment status and the UTR number. As per CFO Bench Mark report, 82 percent of corporate in India use manual or semi-automated systems to manage business expenses and payments. Managing the ‘Invoice-to-Payment’ cycle is a nightmare for the majority of businesses. Manual processes involve extensive data entry,

With the launch of Happay’s Innovation Solution, corporate can now manage not just T&E Expenses but also Invoice Payments on a single platform.

increase the risk of data errors and duplicate payments, and make GST compliance very difficult.

Describing about the processes, Varun Rathi, COO, Co-Founder, Happay says, “A mid to large corporate processes anywhere between 1000-40000 invoices in a month and they are sent by 100-2500 different vendors. AP teams have to manually verify vendor details, GST details, amount, HSN codes, and also perform policy and duplicate checks on each invoice. This process is costly, error-prone and offers zero control over cash flows.” Further adding to it, he says, “Even though corporate use ERPs for recording invoices, the process to get an invoice approved is still largely manual. Large ERPs are not user-friendly for employees and come at a high cost; hence corporate don't extend the account login to all users. This creates the need for a new age solution to capture all invoices coming in from any source.”

“With the launch of Happay’s Innovation Solution, corporate can now manage not just T&E Expenses but also Invoice Payments on a single platform. This creates strong value for corporate and brings us closer to our vision which is to help corporate manage 100 percent of payments through a single platform. 2020 is going to be an exciting year for as we have some more innovative products in the pipeline for the next four quarters, which are going to add immense value to corporate. These products are being built in consultation with some of the most renowned CFOs across the country”, says Anshul Rai, CEO, Co-founder, Happay.
Source : Press Release

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