Bringing her expertise from previous roles at eBay, Apple, and PayPal, fintech leader Bora Chung has proceeded to innovate and drive the company's product strategy at Bill.com since her appointment as the company's Senior Vice President of Product earlier this year.
As we live in a world that values automation, manual data entry still takes up a lot of employees time. However, San Francisco-based Bill.com is implementing a new AI suite that will allow companies to eliminate manual entry in payments, with their Intelligent Business Payments Platform. Designed to streamline payment processes for the company’s 3 million members, Chung believes it will set them apart in the fintech space.
“Paying bills is one of the most manual processes for many businesses, requiring excessive time and effort. Accountants have an incredible opportunity to create efficiencies and time savings for everyone involved in AP and AR with Bill.com,” said Chung.
The AI-enabled cloud software includes a centralized, PO-to-payment workflow, advanced customer support, expanded coverage for cross-border payments, and improved collaboration with Oracle NetSuite, Sage Intacct, and other resellers.
This news comes as Bill.com announces a partnership with Mastercard to offer a faster, automated payment system for small and mid-sized business customers. “We’re excited to partner with Mastercard as a leading global payment company that has blazed new ground in business payments for small and midsize companies,” said Chung. “Our goal to enable automated electronic disbursements and collections is completely aligned with Mastercard’s vision of a world beyond cash and checks.”
With every turn, Chung looks to transform Bill.com with their timely and innovative product offerings, hoping to simplify the business payment process for all its users.
According to a recent Salesforce survey, people at small and medium-sized businesses spend 23% of their workday manually inputting data. Another study conducted by SoftwareAdvice.com found this was affecting sales departments the most, with 71% of reps saying they copy data by hand each day.
Together with Bill.com, Chung has pinpointed a major issue that can be solved with fintech. However, the company, which moves more than $60 billion annually isn’t the only payments company utilizing AI to save time and labor.