Melio has introduced a new B2B Payment Network powered by AI agents for small and medium businesses. The network links the buyer’s process directly with the supplier’s system. Therefore, there is no longer any need to manually onboard suppliers.
The B2B Payment Network uses automation and historical payment intelligence to simplify transactions. Intelligent agents access the supplier’s invoice processing and accounts receivable system and execute payments using their preferred channels.
Also, the system enhances efficiency by minimizing manual intervention within all accounts payable processes. The system also guarantees payment to vendors in a manner that is acceptable in their accounting systems. Therefore, companies can enhance efficiency without altering any process.
“For decades, scaling a B2B payment network meant either building a rail or signing suppliers up one at a time,” said Aharon Levine, VP of Payments Strategy at Melio. “With agents, suppliers no longer have to join a network for the network to reach them. Buyers can execute payments with full auditability and less manual work, while suppliers receive faster payments with remittance data already attached.”
Transforming B2B Payments with AI and Automation
This B2B Payments Network is perhaps one of the first major uses of agentic AI for payments. So far, it has handled over 30,000 payments. This network also handles more than $100 million in annualized payment volume.
Traditionally, scaling payment networks required onboarding suppliers individually. But this approach would create frictions and delays. Consequently, most companies resort to using paper checks for their payments.
Melio’s approach changes this model by leveraging data from billions of payment activities. It recognizes what the suppliers want and pays them automatically. As such, suppliers get their payments faster and with detailed remittance information. In addition to this, Melio is making more improvements to its payment technology. This firm currently handles more than $30 billion annually in payments.
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News Source: PRNewswire.com
