Accounts Payable (AP) processing can be the backbone of financial operations for all organizations. Debanjan kumar, CEO, iDTC, says that the foremost challenges in Accounts Payable encompass handling high volume of invoices in disparate formats and ensuring timely payments to suppliers, while ensuring compliance to all statutory requirements. However, with the addition of AI it has the potential to ensure efficiency in cash management function along with maintaining healthy supplier relationships.
In conversation with Debanjan kumar, CEO, iDTC, on how AI-powered platforms such as iCPX (Corporate Procurement eXchange) and iAPX (Accounts Payable eXchange) can automate banking operations.
How are iCPX and iAPX automating banking experience?
I believe that automation in banking can be upgraded by using eMACH.ai, the comprehensive and innovative open finance platform. These revolutionary platforms apply ‘First Principles’ Thinking along with embedded GenAI from our in-house Purple Fabric AI platform.
By automating banking through iCPX and iAPX, we plan to extend Intellect’s presence in the commerce ecosystem by transforming procurement and accounts payable operations for large and mid-sized enterprises.
How API- based source-to-pay platform is upgrading automation in banking?
iCPX is the first-ever purpose-driven and open API-based source-to-pay platform aimed at reimagining the corporate procurement ecosystem. Cost overruns, inefficiencies and non-compliances are the main challenges in procurement due to a) need for cognitive decision-making b) manual content generation requirements and c) unavailability of insights at the right time for proactive process interventions.
iCPX has the potential to seamlessly embed expert AI agents while fostering the API Economy. This can eventually empower businesses worldwide to achieve unparalleled efficiency, cost-effectiveness, and strategic agility. Apart from supporting both specifications driven procurement and catalog driven procurement, it has around100+ procurement mode variations built-in. With pre-built assets like 111 APIs and 17 microservices, iCPX drives significant value to clients by providing the ability to compose their own signature procurement solution quickly.
What is iAPX? How does it simplify automation in banking?
I believe that iAPX, is a comprehensive patented AI-led Accounts Payable Platform that gives an unprecedented accuracy and efficiency to clients in the accounts payable process. By leveraging CDG (Cognitive Data Graph) Technology and powered by 12 global patented algorithms and 7 expert agents, iAPX eliminate duplication and discrepancies of invoices by up to 98%. Through cognitive decision making, automating time-consuming repetitive tasks and content generation, iAPX, reduces time, cost and compliance concerns of enterprises.
Intellect aims to drive these products globally through its newly created business line Intellect Digital Technology for Commerce (iDTC). I believe that iCPX and iAPX will spearhead a transformative shift in corporate procurement efficiency and financial processes with our groundbreaking technologies composed of eMACH.ai. We plan to seamlessly integrate cutting-edge AI technologies and empower businesses globally to achieve unparalleled levels of productivity, cost-effectiveness, and strategic agility.
