A survey by PYMNTS Intelligence and Velera of 2,474 small and mid-size businesses revealed that 31% of respondents want AI tools from financial institutions to track expenses, while 21% seek automated bill payment. Among consumers, 22% prioritize AI for tracking subscriptions and bills, with 19% interested in automated payments.
In October, BILL, Visa, and Billtrust launched a pilot program for supplier payments. The system allows a buyer to approve an invoice, after which a BILL agent executes the payment on the supplier's website. The agent utilizes tokenized card credentials and operates under the supplier's payment acceptance rules, with Billtrust using a Visa protocol for agent verification.
Melio launched a network in June featuring agents that access supplier billing systems to identify preferred payment methods and reconcile payments with specific invoices. This process aims to assist suppliers in clearing balances for customers with multiple delivery locations by matching incoming funds to the correct accounts.
The September PYMNTS Intelligence Working Capital Index, which surveyed 120 CFOs and treasurers at North American firms with annual revenues between $50 million and $1 billion, noted a decline in early payments. The share of payables settled ahead of schedule dropped to 17%, down from 37% in the previous report.
