An AI solution for streamlining procurement and accounts payable workflows

V G • Dec 10,2024

Summary:

By automating key operations, a company achieved significant time and cost savings, enhanced fraud prevention, and optimized financial workflows.

Client: 

Jumio is a provider of AI-powered identity verification and fraud prevention solutions.

Problem Statement: 

Jumio aimed to deliver swift and precise identity verifications, ensure worldwide accessibility, and enhance security in authentication processes. To achieve these objectives, the company sought to automate as many operational tasks as possible, allowing them to dedicate more resources to strategic initiatives that directly benefit their customers.

 

Results: 

  • Automated the management of 300 invoices per month across multiple subsidiaries.
  • Achieved an 80% reduction in procurement and accounts payable workload.
  • Accelerated monthly accounting close reconciliation time by 25%.

AI Solution Overview:

Jumio leveraged Tipalti’s AI-powered platform to automate and optimize its financial workflows. Tipalti’s end-to-end solution streamlined invoice processing, improved data accuracy, and accelerated reconciliation. 

Key features included:

  • Automated PO Matching & Invoice Management.
  • Automatically Captured Tax & Payment Data through a Supplier Portal.
  • Accelerated Reconciliation Time with an Improved Accrual Process.
  • Seamlessly Integrated NetSuite & Tipalti AP Aging Reports.

References: 

  1. Jumio Fights Fraud By Delivering a Smarter Identity Verification Experience. https://tipalti.com/resources/customer-stories/jumio/

Industry: Financial Services

Vendor: Tipalti

Client: Jumio

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