Business payments company Bill.com has launched an artificial intelligence (AI)-based platform designed for end-to-end automation of payment processes.

Dubbed Bill.com Intelligent Business Payments Platform, the new solution is expected to save time and mitigate manual errors for SMBs and midsize firms.

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The platform features Intelligent Virtual Assistant (IVA) capability for automated handling of invoices, where approvals are said to be 2-3 times quicker compared to other approaches.

IVA eliminates the need for manual data entry. The capability leverages machine learning to automatically capture invoice data. It also intercepts and identifies human error.

Bill.com noted that IVA will recognise workflows, including bill approval routing and payment thresholds, to automatically create business rules on behalf of customers.

Moreover, the new AI platform supports multiple payment types, including international payments and virtual cards, which are usually known to take one to two days for processing.

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It can also be used to for automatic payment of recurring bills.

Bill.com vice-president of Finance Gary Hornbeek said: “Any company that’s still making bill payments the old-fashioned way really needs to innovate their back office. The Bill.com Intelligent Virtual Assistant saves a great deal of time for our finance department.

“When invoices come in, IVA automatically processes and codes the invoices in the system with vendor name, invoice number, amount and due date. This can drastically reduce hours spent on manual entry.”

Last month, the company raised $88m to support digital B2B payments.