New updates have been reported about Ramp (PC:RMPVK)
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Ramp has introduced ‘Agents for AP,’ a suite of specialized AI agents designed to automate complex tasks within accounts payable, including invoice coding, approval, and payment processing. These agents are integrated into Ramp’s Bill Pay platform, which already streamlines the AP process with its leading OCR technology. According to Karim Atiyeh, Ramp’s co-founder and CTO, the new agents can autonomously handle intricate workflows, achieving near-total automation in some scenarios by leveraging historical data and contextual knowledge for decision-making.
The Agents for AP enhance efficiency by autonomously coding invoices using learned logic from historical data, streamlining approval processes with comprehensive recommendations, and identifying card payment opportunities to maximize cashback. This innovation not only reduces manual workload but also bolsters fraud protection, having flagged over $1 million in fraudulent invoices for early access users within 90 days. Bill Pay, since its 2021 launch, has become Ramp’s fastest-growing product, significantly increasing payment volume and customer base. This development follows the successful deployment of ‘Agents for Controllers,’ which automate expense policy enforcement and fraud prevention. Ramp’s continued expansion of AI-driven solutions underscores its commitment to transforming financial operations for its 45,000 customers, enhancing efficiency and security across its platform.