Revolut’s AI-Powered Tool Revolutionizes Business Finance

Revolut is leveraging artificial intelligence to develop a new tool called “Billpay” aimed at simplifying account operations for financial executives.

With the use of artificial intelligence, Revolut is developing a new tool for senior financial executives to simplify account operations.

Companies will be able to automate the process of pulling invoices from their accounting platforms, extracting the relevant information, and transferring funds with the appropriate approvals thanks to the fintech’s new product, “Billpay.” The head of Revolut Business, James Gibson.

Gibson claimed that their goal with Billpay is to cut clients’ time spent on accounts payable by over 80%.

In the second half of 2024, the online bank intends to launch Billpay to businesses.

With over 35 million customers, London-based Revolut has been steadily increasing its footprint in the B2B sector in recent months. In January, Revolut offered a corporate savings account that could yield rewards of up to 3% per year, after the December launch of its HR platform to businesses.

After just six weeks on the market, businesses in the United Kingdom deposited more than £150 million into Revolut’s business savings account. A savings account tailored to European companies will be unveiled in the second quarter of 2024 by the fintech.

Gibson announced that the company’s business account will integrate with Billpay.

Paying suppliers all across the world will be a breeze with our access to interbank FX rates and international payments. With Billpay integrated with our current expense management technology, our clients will have a better grasp on how their money is being spent throughout the company, he said.

According to Gibson, the team at Revolut Business is hard at work developing tools for automated money management and financial transactions.

By automating finance operations, we want to simplify life for CFOs. Companies that handle hundreds of thousands of invoices monthly are our primary focus, he stated.

Competitors to Revolut’s Billpay include the financial technology company Ramp.com and the US-based expenditure and invoicing management platform SAP Concur. Expnsify and Bills.com, two fintech companies established in the United States, are other competitors.

It has been incorporating AI into a number of its commercial and retail offerings. In an effort to ward off card scams, the fintech introduced a new scam detection tool on February 15th.

From learning the best approach to match receipts with transactions to automatically identifying unexpected invoices or transactions to assist discover and minimize needless expenditure, Billpay will employ AI to help organizations save time and money, according to Gibson.