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50%

Improvement in inbound planning time

Streamlining Invoice Management and Financial Governance

At the prestigious C10Labs' 2024 Demo Day in Boston, MA, PayDesk AI captivated over 120 venture capitalists with its groundbreaking AI-driven platform. Designed by Valere, PayDesk AI redefines financial automation, empowering small-to-medium businesses (SMBs), commercial banks, and financial institutions to overcome inefficiencies in invoice management and achieve consistent financial governance. PayDesk.AI offers a white-label, no-code solution designed to automate the accounts payable and procure-to-payment cycle, including invoice management, validation, and scheduling.

Company

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Client

PayDesk AI

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Location

Boston, MA.

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Industry

Financial Automation & Governance

Services

AI Invoice Management

Cash Flow Analytics

Predictive Risk Assessment

Key Performance Results

  • 98% improvement in data extraction accuracy through advanced computer vision models.
  • 70% reduction in invoice processing times, streamlining vendor payment cycles.
  • Scalable performance, seamlessly handling increased transaction volumes for banks and SMBs without performance degradation.

Overview

The vision behind PayDesk AI stems from its founder and CEO, James Malone, a veteran finance executive with over two decades of experience spanning corporate finance, fintech, and startups. A graduate of Babson College and MIT's Sloan School of Management, James has spent his career translating financial complexities into accessible, streamlined solutions. This led to the creation of PayDesk AI, a fintech platform designed to empower SMBs and financial institutions with cutting-edge tools for invoice management, cash flow optimization, and debt compliance. By leveraging artificial intelligence, PayDesk AI enables businesses to automate workflows, enhance financial governance, and gain actionable insights that drive growth and compliance.

Supported by the prestigious MIT-affiliated C10 Labs accelerator, PayDesk AI has already captured significant attention, achieving traction with live pilots and demonstrating its transformative potential.

Challenge

Paydesk AI was designed to address inefficiencies in traditional invoice and financial management processes:

  • Excessive Manual Workload: Time-intensive invoice capture, verification, and approval workflows that relied heavily on human intervention.
  • Inconsistent Standards: Business rules varied across invoices, causing delays, errors, and compliance challenges.
  • Limited Financial Governance: Financial institutions lacked real-time insights into cash flow and struggled with predictive risk assessment.

Valere has been an instrumental partner in making Paydesk AI possible. By leveraging computer vision to analyze invoices and route them based on predefined rules, Valere has reduced manual work, improved accuracy, and ensured consistent invoice handling.

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James C. Malone III

Project Manager

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Solution

1. Valere delivered an AI-powered platform tailored to meet the needs of SMBs and financial institutions:

  • It utilizes Donut and LayoutLM-Invoices models in tandem to capture structured data with remarkable accuracy.
  • Donut Model processes raw document images to extract high-level key-value pairs, such as invoice numbers, vendor details, and tax amounts, reducing OCR-related errors.
  • LayoutLM-Invoices Model extracts complex fields like detailed line-item data, ensuring seamless parsing of structured layouts.

2. Automated Approval Routing: Enables efficient, rules-based workflows for invoice validation and approvals.

  • Robust validation rules check numeric fields, mandatory entries, and cross-reference details with stored metadata.
  • Integrated rule-based logic automatically flags discrepancies, such as mismatched vendor details or abnormal amounts, for manual review.

3. ERP and Accounting Integration: Delivered seamless compatibility with popular systems, ensuring real-time financial insights without operational disruptions.

  • The platform employs Socket.IO to deliver real-time updates, including invoice processing progress, error notifications, and upload confirmations, ensuring users remain informed and can make timely decisions.
  • Standardized data formats (e.g., JSON) enable effortless integration with popular ERP and accounting systems, ensuring smooth adoption without disrupting existing workflows.

4. Predictive Cash Flow Monitoring: Provides advanced analytics for managing liquidity and forecasting financial risk.

5. Governance Features for Banks: Incorporates financial covenant risk assessment to ensure compliance and operational efficiency.

  • It adheres to data protection regulations such as GDPR and enforces audit trails and secure data handling practices.

Key Features

  • AI Invoice Validation: Ensures accurate and reliable processing across diverse financial systems.
  • Financial Transparency: Real-time analytics and reporting provide deep insights into cash flow and financial health.
  • Market Scalability: Designed to manage high transaction volumes for banks and SMBs alike.
  • Enhanced Financial Governance: Tools to proactively manage margin and risk for commercial banks.

Results

Accuracy and Efficiency:

  • Achieved 98% reliability in processing and validating invoices.
  • Reduced manual workload by automating repetitive financial tasks.

Cost Savings:

  • Enabled a 50% reduction in operational costs, saving clients thousands annually

Time Optimization:

  • Automated workflows cut processing times by 300+ hours per month for mid-sized businesses.

Enhanced Decision-Making::

  • Improved cash flow visibility by 40%, allowing businesses to proactively address financial risks.

User Adoption and Experience

  • Intuitive Design: A user-friendly interface ensured smooth onboarding and rapid adoption.
  • Seamless Integration: Clients transitioned within weeks, with minimal disruption to existing operations.
  • Continuous Optimization: Feedback loops and rule adjustments ensured the platform evolved with client needs.

Related Services

AI-Powered Financial Automation

ERP and Accounting System Integration

Predictive Risk and Governance Solutions

Custom AI-Powered SaaS Development