Truist's AI Platform Tackles Chronic Business Cashflow and Receivables Delays
Truist Financial Corporation has launched a new AI-powered platform to streamline business receivables processing. The solution aims to cut business delays and errors that currently burden corporate treasury teams. Many businesses face persistent issues with cashflow and reconciliation, often due to outdated manual systems.
The platform uses AI and machine learning to automate key tasks. It matches payments to invoices, speeds up business cash application, and reduces days sales outstanding (DSO). By cutting manual work, it also lowers the risk of fraud and strengthens access controls.
Current challenges in receivables are widespread. Research shows 70% of treasurers deal with collection delays, while 45% of CFOs report invoice errors disrupting business cashflow. Remittance processing alone can eat up 6.3% of payment amounts, squeezing business profit margins.
The system integrates with existing workflows, scaling as businesses grow. It offers real-time business cash visibility and exception management, reducing reliance on slow, error-prone manual processes. Chris Ward, Truist's Head of Enterprise Payments, highlighted the solution's focus on solving practical business problems.
Early adopters of similar automation tools have seen major gains. Companies like Coca-Cola and Siemens improved efficiency by over 80% with automated invoice processing. Meanwhile, Unilever streamlined payroll for 190,000 employees. Yet, many firms still lag behind, with over a third of British companies paying suppliers late due to poor digitalisation.
Truist's platform targets long-standing inefficiencies in business receivables management. It promises faster processing, fewer errors, and better fraud protection. For businesses struggling with business cashflow delays, the solution could provide a much-needed upgrade.
