Bill360, an accounts receivable automation and embedded B2B payments platform, announced Invoice Insights, a new capability that uses a combination of artificial intelligence and in-depth human invoice analysis to qualify commercial card transactions under Visa’s Commercial Enhanced Data Program.
Companies across the B2B payments ecosystem are experiencing very large cost increases. Bill360 says Invoice Insights is designed to help companies meet Visa’s stricter standards and avoid these large increases.
In a media release on June 8, Bill360 says:
CEDP represents a fundamental change in how commercial card transactions are evaluated. Visa has moved beyond asking whether enhanced invoice data was submitted and are now using AI to rigorously validate whether that data is complete, accurate, and properly formatted, every single time. Transactions that fall short are downgraded to higher-cost categories. Industry experts believe that Mastercard has a similar AI product in development to reward meeting enhanced data standards.
Across the broader B2B payments market, downgrade rates on commercial card transactions have been rising. Bill360’s own data tells a different story: while competitors struggle with Visa’s stricter requirements, Bill360’s downgrade rate has fallen by approximately 20 percentage points over the past year. Bill360 transaction costs declined while the B2B payment industry as a whole experienced significant increases. In most cases, these increased costs pass directly to merchants.
Invoice Insights uses AI to analyze invoice data before it’s transmitted with a payment. Bill360’s technology validates every required field, including structured purchase order references, tax indicators, freight and duty as separate line items, SKU/commodity codes, unit of measure, and ship-to details.
Rather than relying on merchants to manually structure their invoice data or catch every error themselves, Invoice Insights helps ensure qualification, directly from the merchant’s existing accounting system, Bill360 says.
“The market is waking up to the value of quality data in payments,” Matthew McClain, head of payments and data management at Bill360, said in a statement. “Visa is now scoring the quality of that data on every transaction, driving cost structures. We built Invoice Insights specifically to help B2B companies meet these higher standards, and near-100% qualification rates prove our approach is working.”
Invoice Insights gives Bill360 an advantage because the company:
- Starts with accurate and complete data;
- Aligns data with Visa’s requirements;
- Implements required Visa formats;
- Maps that data correctly into the payment message; and
- Evaluates Visa feedback and continuously adjusts.
Invoice Insights is available to Bill360 clients today. More information can be found here.
Photo credit: Bill360/Facebook
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