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On Wed, 2 Apr, 12:01 AM UTC
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Transcard unveils agentic AI capabilities
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. The robust end-to-end payment solution digitally connects and streamlines payment interactions between buyers and suppliers of all sizes. Now with agentic AI to automate onboarding and the KYB process, Transcard is modernizing B2B payments with an improved digital user experience for all parties involved. This next generation of SMART Exchange offers an enhanced network, making it easier for businesses to convert their existing network and fully automate enablement. Replacing the days of call centers and back-office constraints to onboard and update vendor information, the AI-powered solution delivers the following benefits to buyers and suppliers. Solution Benefits for Buyers Solution Benefits for Suppliers "I'm excited about the modern enhancements and agentic AI capabilities we are adding to our SMART Exchange payment solution. The new streamlined onboarding process and dedicated portals are set to revolutionize how businesses interact, pay, and manage their vendors. We crafted these enhancements to address the struggles daunting buyer and supplier payments today and we're excited to provide our customers with a modern, digital B2B solution powered by AI," said Greg Bloh, Transcard CEO. The vendor network management solution includes built-in data-rich generative AI and agentic AI capabilities. Embedded into the platform and generated automatically, users receive proactive recommendations on trends and opportunities to optimize cash flow and automate manual tasks. With less time onboarding, maintaining supplier accounts and fielding questions, businesses can now modernize their B2B payment processes and achieve operational efficiencies while delivering a superior payment experience. SMART Exchange is part of Transcard's SMART Suite family of embedded payment solutions. The SMART Suite delivers a seamless payment experience and enables users across industries to collaborate and share payment information with ease. The solution can be embedded within a customer's ERP or core system and connects to existing bank accounts supporting payment orchestration for businesses of all sizes. Features include disbursements, receivables, account-to-account payments, cross-border payments, AI insights, and supply chain financing.
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Transcard Turns to Agentic AI to Streamline B2B Payments | PYMNTS.com
Payments technology firm Transcard has added agentic AI capabilities to its vendor network management solution. The changes to the company's SMART Exchange are designed to streamline payment interactions between buyers and suppliers, with agentic artificial intelligence (AI) automating onboarding and know your business (KYB), according to a Tuesday (April 1) press release. "The new streamlined onboarding process and dedicated portals are set to revolutionize how businesses interact, pay, and manage their vendors," Transcard CEO Greg Bloh said in the release. "We crafted these enhancements to address the struggles daunting buyer and supplier payments today and we're excited to provide our customers with a modern, digital B2B solution powered by AI." According to the release, the new SMART Exchange makes it easier for businesses to convert their networks and fully automate enablement. "Replacing the days of call centers and back-office constraints to onboard and update vendor information, the AI-powered solution delivers the following benefits to buyers and suppliers," the company said. Transcard's announcement arrives at a time when AI agents are taking on more responsibility in the B2B world, as PYMNTS wrote earlier this year, transitioning from assistants to key players in B2B processes. For instance, these agents are taking over customer service and operations at major companies, as covered here November. These agents can navigate complex business processes independently and use capabilities beyond basic chatbots, handling things like automating order management, scheduling appointments and loyalty promotion. "After all, in the B2B space, relationships matter. Gone are the days of one-size-fits-all interactions," that report said. "Today's customers expect personalized, high-touch experiences, even from the businesses they engage with. Agentic AI systems are increasingly able to learn about individual customer preferences, anticipate their needs, and offer tailored solutions -- without the need for human intervention." More recently, PYMNTS examined how AI agents can help chief financial officers (CFOs) and treasurers foster greater growth. "Within the space of the office of the CFO and accounts payable, that's where GenAI may be most transformative," Alex Hoffmann, general manager of North America at Edenred Pay, told PYMNTS in an interview. "Do I want a central AI tool analyzing all systems? Or do I want AI embedded within key financial platforms like AP and ERP?" Hoffmann posed in a separate discussion. "The answer isn't obvious, but it's a crucial decision for CFOs."
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Transcard unveils agentic AI capabilities in its SMART Exchange solution, streamlining B2B payments and vendor management processes. The update promises to automate onboarding, enhance user experience, and optimize cash flow for businesses.
Transcard, a leading payments technology firm, has unveiled a significant upgrade to its SMART Exchange solution, incorporating agentic artificial intelligence (AI) capabilities. This enhancement aims to streamline and modernize B2B payment processes, addressing longstanding challenges in vendor network management and payment interactions between buyers and suppliers 1.
The updated SMART Exchange solution offers several innovative features:
Automated Onboarding: The agentic AI automates the onboarding process and Know Your Business (KYB) procedures, significantly reducing the time and effort required to integrate new vendors 2.
Streamlined Network Conversion: Businesses can now more easily convert their existing networks and fully automate enablement, replacing traditional call centers and back-office constraints 1.
AI-Powered Insights: The platform includes built-in data-rich generative AI and agentic AI capabilities, providing users with proactive recommendations on trends and opportunities to optimize cash flow and automate manual tasks 1.
The AI-powered solution offers distinct advantages to both buyers and suppliers, although specific details were not provided in the sources. Greg Bloh, Transcard CEO, emphasized that these enhancements were crafted to address the challenges plaguing buyer and supplier payments today 2.
Transcard's integration of agentic AI into its SMART Exchange solution reflects a growing trend in the B2B payments sector. AI agents are increasingly taking on more responsibility, transitioning from mere assistants to key players in complex business processes 2.
The adoption of AI in financial operations extends beyond payment processing. Chief Financial Officers (CFOs) and treasurers are exploring ways to leverage AI for fostering greater growth. Alex Hoffmann, general manager of North America at Edenred Pay, suggests that generative AI could be most transformative within the office of the CFO and accounts payable 2.
As businesses integrate AI into their financial systems, important decisions lie ahead. CFOs must consider whether to implement a central AI tool analyzing all systems or embed AI within key financial platforms like AP and ERP. This choice will significantly impact how companies manage their financial operations and vendor relationships in the future 2.
Transcard's SMART Exchange, part of its SMART Suite family of embedded payment solutions, continues to evolve, offering features such as disbursements, receivables, account-to-account payments, cross-border payments, AI insights, and supply chain financing. These advancements signify a major step towards modernizing B2B payment processes and achieving operational efficiencies while delivering an enhanced payment experience 1.
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