In the contemporary business era, it is nearly impossible to imagine a business, whether start-up or flourishing, to tackle the overwhelming procedures with just the manual workforce. Robotic Process Automation has revolutionized the way today’s banking and financial sectors work. Robotic Process Automation or RPA is essentially a virtual workforce that eases human effort, letting the employees focus more on less tedious tasks which demand more human attention.

With bots being used in many fields of businesses now a days, the use of AI combined with the technically advanced bots has not only served to simplify the overall working of businesses but has also helped in increasing the value of the organizations.

What can Paybots do for your Business?

Modern business financial departments are on the rise, because of which the bots are integrated with the company software to carry out the financial tasks such as accepting payments and conversing with the customers. From a strategic point of view the finance professionals can now add real value to their businesses.

Before understanding what paybots can do for your business, it is important to understand what part and how to automate the bots with your business.

To begin with the RPA process, these are the starting points:

Tips for an Effective Integration of RPA for Safe Payment

Here are three tips to allow for a safe and easy integration:

In business organizations, accounts payable is the most time-consuming task, apart from customer service management. Even though some companies still rely on manual workforce or BPOs, yet most of the bigger organizations have automated these time-consuming processes. Some of the attractive benefits of getting the A/I automated are:

• The discrepancies in the purchase amount or invoices or purchase orders can be prevented by automating the manual matching to decrease the oversight.
• RPA software helps in taking care of the error reconciliation as well as data input in addition to accelerating the process of account closure.
• The automated workflow can be reused between different departments indicating towards RPA’s scalability.

At the same time, this does come with some challenges such as:

• Unstandardized invoicing due to invoices being received in multiple formats.
• The unstructured data demands manual transfer process which is quite time-consuming.

Among all the industries the Paybots are an integral part of primarily the banking and finance sectors. Let us look at different ways of integrating bots for payment procedures:

Some of the biggest organizations around the world have implemented robotics in the payment system,

• Blue Prism – A digital workforce or bots perform the matching and validation process.
• BNY Mellon – The trade settlement and allocation confirmations are automatically carried out by RPA.
• Evention – The credit card reconciliation is performed by RPA among other tasks. From the point of sale to the submission of credit card processor, all the tasks are performed by the implemented bot.
• PayPal – Ruling the online auction stream, PayPal uses RPA for detection of any fraudulent activity or false alarms.

Some interesting inclusions of the robotics in various financial industries include Yes Bank’s Yes Robot which assists in recent transactions, sending money, bill payments, phone recharges, managing credit or debit cards and in new applications; Citigroup also uses bot which works with a combination of AI and machine learning technology to collect payments from the customers. Paybots are certainly proving to be a game changer in success stories of today’s industries.