Crater Unveils AI-Driven Financial Solutions for B2B Platforms and Financial Institutions

Crater Unveils Groundbreaking AI-Driven AR/AP Automation, Payments workflow automation and Universal Payments API for B2B Platforms and Financial Institutions at Money 20/20

DOWNEY, Calif., Oct. 29, 2024 /PRNewswire/ -- Crater, a leading innovator in financial technology, today announces the launch of several advanced AI-driven solutions designed to streamline financial operations for B2B platforms, banks, and credit unions. The new offerings include an AI-powered Accounts Receivable/Accounts Payable (AR/AP) automation, payments workflow automation, and a Universal Payments API, all aimed at enhancing financial efficiency and simplifying payment processes for enterprises and financial institutions. Crater - AI Driven Embedded AR/AP Automation Click Here to see Crater in action [YouTube] AI-Driven AR/AP Automation for B2B Platforms and Financial Institutions Crater's new AR/AP automation solutions provide banks, credit unions, and B2B platforms with the tools to offer fully white-labeled, embedded AR/AP products like invoicing and bill payment, customized to their brand identity. Utilizing Crater's flexible APIs and SDKs, financial institutions can quickly deploy these automation products, bringing clients powerful features that were once resource-intensive to develop. An AI-powered copilot offers an intuitive interface for users, able to take direct actions such as managing invoices, scheduling bill payments, and generating essential financial reports. This automated, intelligent assistant not only reduces operational burdens but also significantly improves the speed and accuracy of financial processes. AI-Powered Payments Workflow Automation With the new payments workflow automation feature, Crater helps businesses eliminate time-consuming, repetitive tasks in their payment operations. Clients can now automate essential processes like creating and managing invoices, onboarding businesses, and scheduling payments. This enhancement allows enterprises to focus more on growth while Crater's automated systems handle complex payment workflows seamlessly. Universal Payments API: Seamless Integration with Leading Payment Networks Crater's Universal Payments API further simplifies the payment process by enabling clients to integrate with major payment networks such as Stripe, Finix, WorldPay, and Plaid, without the need for complex custom coding. By making a single-word change in their codebase, platforms can access multiple payment providers through Crater's API, which adapts to each provider's unique workflows and requirements, thereby significantly reducing time-to-market and technical hurdles. Crater's Commitment to Innovation "Crater's new AI-driven products empower businesses to embrace full-scale automation across AR/AP and payments workflows, enhancing operational efficiency and providing seamless multi-network integration," said Nikhil Pathak, CEO at Crater. "These advancements mark a pivotal step toward more intelligent, adaptable financial automation." For more information on Crater's suite of AI-powered solutions, visit our website. Nikhil Pathak nick@crater.financial 347-668-3652 Crater View original content to download multimedia:https://www.prnewswire.com/news-releases/crater-unveils-groundbreaking-ai-driven-arap-automation-payments-workflow-automation-and-universal-payments-api-for-b2b-platforms-and-financial-institutions-at-money-2020-302289906.html SOURCE Crater Invoice, Inc. Market News and Data brought to you by Benzinga APIs

Crater Launches AR/AP Solutions for Financial Institutions and B2B Platforms | PYMNTS.com

Crater launched artificial intelligence-powered accounts receivable (AR) and accounts payable (AP) solutions for banks, credit unions and B2B platforms. With these solutions, customers can offer white-labeled, embedded AR/AP products like invoicing and bill payments, customized to their brand identity and supported by an AI-powered copilot that provides an intuitive interface for users, the company said in a Tuesday (Oct. 29) press release. "Utilizing Crater's flexible APIs and SDKs, financial institutions can quickly deploy these automation products, bringing clients powerful features that were once resource-intensive to develop," the release said. Crater also launched an AI-powered workflow automation feature that enables clients to automate processes like the creation and management of invoices, the onboarding of businesses and the scheduling of payments, according to the release. A third new offering from Crater is its Universal Payments API, which enables clients to integrate with major payment networks like Stripe, Finix, WorldPay and Plaid by making a single word change in their codebase, per the release. "Crater's new AI-driven products empower businesses to embrace full-scale automation across AR/AP and payments workflows, enhancing operational efficiency and providing seamless multi-network integration," Crater CEO Nikhil Pathak said in the release. "These advancements mark a pivotal step toward more intelligent, adaptable financial automation." Seventy-two percent of finance leaders said they are actively using AI in their operations, according to the PYMNTS Intelligence report, "Is AI the Master Key to Banking's Next Era?" The report found that AI's potential to revolutionize the financial industry is evident across various applications, with 64% of finance leaders saying they use the technology for fraud detection and 42% saying they use it for customer onboarding automation. In another, separate product launch in the space, Sage said in August that it was expanding its AP automation offering globally. The company's AI-powered tool is already being used by businesses in the United States to process over 10,000 bills per month.