Scrypt AI

Scrypt AI is an AI-powered Treasury Management solution that aims to automate and streamline financial operations, specifically focusing on accounts payable (AP) and accounts receivable (AR) processes. According to the vendor, this solution caters to finance professionals, accounting professionals, treasury management professionals, and financial operations teams across various industries, including manufacturing, retail, healthcare, technology, and professional services.

Key Features

Automated Accounting: According to the vendor, Scrypt AI offers touchless AI data capture technology to automate and streamline AP and AR processes. It aims to eliminate the need for manual data entry by automatically capturing and processing data from invoices, checks, and remittances.

Integrated Payables: Scrypt AI provides a universal invoice hub for end-to-end accounts payable (AP) processes. The vendor claims that it can automatically pull digital invoices, regardless of their format or location, and integrates with eSign solutions and ERPs. The solution aims to enable digital payments and potentially turn AP from a cost center into a profit center.

Integrated Receivables: According to the vendor, Scrypt AI automates the processing of checks and remittances, aiming to eliminate the need to leave the office. It claims to accurately predict which payment account to credit and seamlessly integrates with eSign solutions and ERPs. The AI technology is said to be capable of identifying the front and back of checks, even within multi-page scans, without the need for templates or upfront annotations.

Integrated Payments: Scrypt AI aims to enable smarter payments regardless of payment type, including wire, checks, ACH, Same-day ACH, and Virtual Credit Card (VCC). According to the vendor, it provides payment and treasury analytics to optimize cash flow and potentially take advantage of early payment discounts. The solution aims to help eliminate the need for printing, signing, stuffing, and mailing paper checks, potentially streamlining the payment process.

Machine Learning and Cognitive Automation: Scrypt AI leverages machine learning to understand the user's ERP, learn from historical transactions, and potentially improve accuracy over time. According to the vendor, it matches invoice images to transactions and transactions to invoice images, reinforcing the built-in machine learning models. The solution is said to continuously learn from end-user activity, enabling cognitive automation and potentially enhancing the efficiency and effectiveness of financial operations.