Exploring the Future of Payment Approval Workflows: Emerging Trends and Technologies
As 2023 kicks off, it's an exciting time to be finance space. The field is continually evolving, and with new technologies and trends emerging, it's essential to understand how they may affect the way we approach financial functions in the future. In this blog post, we'll look at some of the most promising developments in payment approval workflows space, and how they could impact businesses in the year ahead.
Artificial Intelligence (A.I) as virtual assistants
One of the most exciting developments in this area is the use of artificial intelligence and machine learning. These technologies have progressed to a point where they can analyse complex data sets, identify patterns and even present them in your desired format. This can greatly improve the speed and accuracy of payment approvals, reducing the risk of financial losses. We'll also see more and more companies implementing AI-based virtual assistants to manage their workflow.
An example of an AI-based virtual assistant already in action is Paytron’s automated invoice capture feature that kicks into gear when users upload an invoice. Paytron’s AI will automatically extract the due date, bank account details, and currency without users having to lift a finger. Enabling users to leave manual data entry behind. Additionally, Paytron’s AI will automatically run ABN and GST validation checks on the invoice, saving users even more precious time.
“Do you have an app for this?” & Working on-the-go
The impact of COVID-19 saw the rise of the remote and hybrid workforce. Cloud-based solutions cemented their popularity, offering employees more flexible ways of working together. It’s no surprise then that emerging in tandem with cloud-based software is the need for it to have mobile compatibility features. Employees are now often working on-the-go, from school drop offs to appointments and client meetings. Being able to upload expenses or approve payments easily from their mobile device without needing to open a laptop will help drive more efficiency in productivity. Companies should therefore ensure that their approval workflows are optimized for seamless mobile use. This can include adopting software that has a desktop and mobile app offering, or using mobile apps specifically designed for payment approvals.
Automation reaches new heights
It's also worth noting that automation is not only becoming more prevalent, but also more capable, resulting in its ability to support more complex and sophisticated workflows that run on the “if this then that” operational formula. This can lead to faster processing times, fewer errors, and lower costs.
An example of this present in financial services is Paytron’s Advanced approvals feature. This feature allows users to set-up customisable approval automations that will automatically run in the background based on conditions met. This eliminates the need for a team member to manually assign payments for approval to the relevant stakeholders. The plus side? Users can define when payments can be automatically approved or require manual approval so you’re still in control.
With A.I, mobile apps and automation shaping the future of payment approval workflows, 2023 is looking to be a great year ahead. Businesses that can stay ahead of the curve and adopt these new technologies and trends will be well positioned to achieve greater efficiency and security in their financial transactions.
Paytron & Payment Approval Workflows
Paytron is a powerful payable automation and spend management platform simplifying the way accountants and businesses manage transactions from bill/receipt capture to local and international payments, employee expenses and more. With Paytron’s Payment approval workflows, you save time with approval automations and centralise approval conversations to minimise miscommunication and avoid payment approval delays. With your team working on the same platform, you can approve and process payments without the need for ABA bank files, excel spreadsheets or screenshots. Everyone will always know where each payment is, who it’s sitting with and when it’s getting paid.
For a customised view of how Paytron can help transform your finance function, get in touch with us today.