The business-to-business (B2B) payments ecosystem is massive, with $25 trillion in payments flowing between businesses each year. Photon Commerce, a financial AI platform company, empowers fintech leaders to process B2B payments, invoices, statements, and receipts instantly.
Over two-thirds of B2B transactions are processed through automated clearing house payments (a type of electronic payment) and checks. Yet, these transactions can take up to 3 days to clear. This has created a need for real-time payments that are processed instantaneously and safely, eliminating the risk of delinquent payments.
Partnering with NVIDIA and the International Chamber of Commerce, Photon Commerce guides payment processors, neobanks, and credit card fintechs on how to train and invent the world’s most intelligent AI for payments, invoices, and commerce.
Why is the use of AI crucial in payment processing? Card-not-present payments, such as those made online or over the phone, are costly for merchants, requiring manual entry and approval. AI-powered payments also work remotely but are instantaneous and secure.
Additionally, two out of three merchants today do not accept credit cards due to fees. Not even Amazon is willing to pay these expenses at times. The solution lies in real-time payments and request-for-payment offerings. These low-cost payment systems provide fraud-free payment options for 30 million merchants in the US.
One-click checkout for B2B transactions
Photon’s AI offers one-click bill pay for customers’ credit card lenders and leading core payment processors. These entities handle trillions of dollars in payments for the majority of banks and merchants.
One such customer, Settle is a leader in receivables finance, payables finance, and bill pay for eCommerce merchants like Italic, Huron, Brightland, and Branch.
Pioneering a Buy-Now-Pay-Later solution for B2B and eCommerce merchants, Settle Founder and CEO, Alek Koenig claims Photon’s invoice automation technology is a ‘godsend.’
“Photon’s solution enabled us to improve user experience, capture greater revenues, and significantly reduce manual keying of invoice and payment data. Before Photon, we were just typing up each invoice manually,” said Koenig.
Settle’s AI-based financial services and solutions achieved meteoric growth, especially among small to midsized businesses. The company raised nearly $100M from top-tier investors, such as Kleiner Perkins, within only 2 years of its inception.
55x the performance over CPUs
AI accelerated processing forms the underpinning of Photon Commerce’s AI solution capable of tackling unstructured or semistructured data and serving their customers. Photon’s base models for enterprise workloads start with 16 NVIDIA V100 GPUs. Depending on throughput, bandwidth, and power factors, Photon’s deep learning machines readily scale to 64 NVIDIA V100 GPUs or more.
GPU-accelerated computing has been critical to Photon’s machine learning models, both for training and inference. Photon’s deep learning was trained on NVIDIA V100s, providing 55x faster performance than CPU servers and 24x faster performance during inference.
Custom development and production boxes or clusters are provisioned either in the cloud, hybrid cloud, or on-prem deployments. Docker containers use Kubernetes to provide container orchestration across clusters during the scaling of models. Photon’s API architecture runs through a data pipeline of file validation, document classification, computer vision, then NLP. Photon’s NLP transformer models are autoregressive in architecture, employing model and data parallelism.
Next generation payment systems using AI
AI payment solution concepts are key to enabling end-to-end traceability, visibility, and scaling to high-transaction volumes needed for eCommerce merchants, and logistics companies for trade finance solutions.
Below are three examples of Photon’s AI solutions improving payment systems.
Receipts and invoices are made easier with Computer Vision/NLP
The value of extracting information from documents, particularly in the context of finance, for unstructured and semistructured data is enormous. Companies and individuals can process invoices, receipts, and forms with little to no-human interaction, saving time and money. Photon Commerce’s AI technology solves this problem by automatically reading, understanding, approving, and paying any invoice using computer vision and NLP.
Creating global standards for payment, invoice, and trade finance documentation using AI
Business documents are messy and each company has different Enterprise resource planning systems, record portals, and formats. These systems often break down with disputes, errors, and fraud happening daily. Photon Commerce’s solutions standardize any invoice, bill, or payment document in the world, regardless of language or format. This facilitates instant approvals, payments, and straight-through-processing.
Worldwide trade partners can now speak the same language and collaborate
Businesses and trade partners can now speak the same language. Photon’s NLP understands that a “vendor”, “supplier”, “seller”, “beneficiary”, “merchant”, and “卖方” are generally synonyms, referring to the same “object” called as Named Entity Recognition. Photon’s reconciliation AI can instantly flip any purchase order into an invoice, or match purchase orders, invoices, receipts, remittances, shipping labels, bills-of-lading, proof-of-deliveries, and rate confirmations seamlessly together.
See AI in action
Reach out to email@example.com and learn more about how AI accelerates payments, invoicing, and trade collaboration between businesses.