Clear, an Indian fintech firm, has introduced an artificial intelligence (AI) technology-powered tool to help firms simplify their accounts payable (AP) process, according to reports citing a press release.

Dubbed Clear Capture, the new offering will enable a company’s AP team to automate purchase invoice entry, and help trace fraudulent invoices received from suppliers.

The tool will allow the team to automatically validate incoming invoices, thus resulting in over 90% automation in invoice booking process.

Additionally, the end-to-end solution’s data extraction process is said to reduce invoice entry time.

The fintech firm, through Clear Capture, intends to digitise and validate 75 million purchase invoices in three years.

Clear founder and CEO Archit Gupta said: “An important first step in the compliance journey of an enterprise is recording the invoice for goods received.  

“Clear Capture is a powerful tool for invoice digitisation by AP teams that reduces errors and the time spent on invoice recording. Our AI-based technology can help enterprises save lakhs of man hours spent on invoice capture each year.”

The new AI-based solution evaluates invoice fields and runs more than 45 compliance checks on invoices to spot issues, thus reducing errors as well as overheads.

Additionally, the tool gives users an option to export the invoices directly to their accounting systems.

The company held a survey involving 2,000 firms across India before Clear Capture’s launch to track problem areas regarding accounts payable management.

According to the survey, AP teams invest over 70% of their time reconciling supplier invoices against purchase order and other data. The participants of the study were also found to be heavily dependent on paper-based products.