Financial process automation innovator Bill.com has launched its new Intelligent Business Payments platform, a solution that puts AI to work to bring end-to-end automation to financial workflows. The platform leverages its Intelligent Virtual Assistant capacities to automatically capture data from invoices and start the approval process, as well as recognize workflows, and create new business rules.

The new solution also drives payment flexibility, enabling international payments, virtual cards, and other options to accelerate the payment process; and supports auto pay for recurring bills.

“Our new intelligent platform, which is the most significant update to Bill.com since its inception, is built on ten years of experience managing business payments and hundreds of millions of bills and invoices to train the AI,” Bill.com CEO and founder Rene Lacerte said. “Increasing the speed and ease of payments will help businesses get ahead.”

The company said that customers in a recent survey reported averages weekly savings of 5.5 hours, more than 35 business days a year, using Bill.com’s process automation solution. In a statement noting that many companies spend nearly a quarter of the work day managing manual processes, Bill.com suggested there was a growing need for work flow automation technology.

“Bill.com has focused on developing new technologies that help SMBs grow,” Lacerte said. “Automating the back office is a huge industry-wide need.”

The company’s latest announcement comes a little over a month since it picked up $88 million in new funding in a round led by Franklin Templeton. The investment boosted Bill.com’s total capital to $275 million, and puts the company’s valuation above $1 billion. Also this year, Bill.com teamed up with American Express to offer a new AP solution, VendorPay for the firm’s business and corporate cardholders.

Founded in 2006 and headquartered in Palo Alto, California, Bill.com demonstrated its CashView Command and Control system at FinovateSpring 2012. The technology helps businesses better manage their accounts payables and receivables, and provides online billpay, custom invoicing, unlimited document storage, collaboration tools, and mobile access.

With more than $60 billion in payments managed every year and a network of three million members, Bill.com works with 70+ of the top 100 accounting firms, as well as accounting software providers like NetSuite and fellow Finovate alum Xero. The company is also CPA.com’s preferred provider of digital payments.

Here’s a ban that businesses can really get behind. Digital payments company Bill.com has eliminated wire transfer fees for SMEs that meet three conditions.

1. Pay Electronically
2. Pay in Local Currency
3. Pay with Bill.com’s International Payments solution

Bill.com CMO Yael Zheng highlighted both the convenience and the cost savings available for small businesses that take advantage of International Payments. “Payments can be made and tracked in U.S, dollars, for a better wire transfer rate than most banks, and in more than 24 local currencies with no wire transfer fee and at a competitive exchange rate,” Zheng said.

International Payments was launched last July as a way to help businesses pay international vendors digitally. Bill.com said it has already seen “rapid adoption” of the platform by customers who can now make payments in more than 40 countries. The solution provides automated approval workflows, and helps SMEs save time by syncing with major accounting software platforms such as Quickbooks, Xero, Sage Intacct, and Oracle NetSuite.

“Bill.com has eliminated payments torture from our business life.” co-founder and Operations Manager for The New Stack, Judy Williams said. “We’re growing approximately 25-30% outside the U.S., and the Bill.com International Payments solution enables us to pay our contractors, who are located all over the world, in a timely manner.”

Bill.com demonstrated CashView at FinovateSpring 2012. The solution is a feature of the company’s banking platform, and gives business customers visibility into and management over cash flow, payables, and receivables. More recently, the company partnered with American Express to launch Vendor Pay, a solution that makes it easier for companies to automate their AP processes.

Bill.com finished 2018 with news that it had achieved NACHA certification, ensuring that the company is meeting the corporate governance and risk and compliance obligations for processing ACH payments. Founded in 2006 and headquartered in Palo Alto, California, Bill.com has raised more than $259 million in funding, and includes Temasek Holdings and JP Morgan among its most recent investors. René Lacerte is CEO.

Business payments company Bill.com received NACHA certification as an ACH third-party sender today. While the certification is voluntary, it indicates that Bill.com is meeting standards, such as corporate governance and risk and compliance obligations, for ACH payment processing.

NACHA Chief Operating Officer and General Counsel Jane Larimer praised Bill.com’s achievement saying, “NACHA certification is a clear indication of Bill.com’s adherence to sound ACH practices and policies.” René Lacerte, founder and CEO of Bill.com added, “it’s important that our clients and partners know that we are committed to the highest quality ACH processing as demonstrated by achieving NACHA Certification.”

Bill.com was founded in 2006 to help businesses manage accounts payables and receivables with online billpay, custom invoicing, document storage, collaboration tools, and more. At FinovateSpring 2012, Lacerte debuted the company’s CashView tools. Since then, Bill.com has grown to process more than $60 billion each year for its network of three million members.

Bill.com is partnered with four of the top 10 largest U.S. banks, 60+ of the top 100 accounting firms, as well as accounting software providers such as Netsuite, Intacct, QuickBooks and Xero. The company has taken in more than $200 million in funding from investors including JP Morgan Chase and Temasek.