Truist Financial launches AI-powered integrated receivables platform to centralize payments

Charlotte debut: Truist ushers AI into receivables

CHARLOTTE, N.C., Feb 3 (Reuters) — Truist Financial launches an integrated receivables platform that uses artificial intelligence and machine learning to centralize payments and remittance data for commercial and corporate clients, the bank says. The solution is designed to speed cash application, reduce manual exceptions and improve cash visibility by unifying payment matching, remittance capture and ERP connectivity in real time.

Integrated receivables platform automates cash application

The platform matches payments to invoices across checks and electronic rails and extracts remittance details from emails and payment files, using ML models and business rules to drive auto‑matching and reduce exceptions. It integrates with customers’ ERP and accounting systems to enable straight‑through processing, accelerates posting and shortens days sales outstanding by automating reconciliation and exception workflows. Truist highlights features such as smart remittance capture, user entitlements and access controls to lower fraud risk, and centralized KPI and auto‑match reporting to aid treasury decision‑making.

Truist says the system leverages real‑time automation to cut operating costs and minimize manual labour in receivables teams, while scaling workflows without replacing existing client systems. The bank positions the platform as a single receivables hub that centralizes cash visibility and reporting for corporate treasuries, offering analytics and reporting to monitor cash flow and performance. Chris Ward, Truist head of enterprise payments, says AI and automation bring “simplicity, speed, safety and smarter experiences.”

Market frictions underpin demand

Truist cites industry friction as a driver for the product, noting surveys that show invoice errors and reconciliation delays remain common: 45% of CFOs report invoice errors cause significant payment disruptions (AFP, Oct. 2024), 70% of corporate treasurers report receivables delays (PYMNTS, Sep. 2023), and remittance processing can consume an average 6.3% of the total amount paid. The bank frames the platform as a response to those inefficiencies by lowering exception rates and improving working capital predictability.

Strategic payments play

The release underscores Truist’s broader push into payments innovation by unifying payment and remittance data into a single platform that integrates with existing client systems and scales across commercial operations. More information is available at Truist.com/Receivables.