PredictAP is proud to announce general availability of its AI-powered invoice coding solution for NexusPayables, a real estate-focused accounts payable (AP) automation solution from Bottomline.
The global volume of invoices processed and paid by real estate is estimated at over 1 billion. For customers who use the Nexus procure to pay suite and Bottomline’s payment solutions, the manual data entry required for invoice ingestion and coding remains a frustrating bottleneck.
PredictAP’s patent-pending machine learning engine automates both data entry and invoice coding, using historical payable data, for over 60 real estate customers and 2 million invoices/year since launching in 2021.
“This is a painful and deceptively simple problem that real estate and technology companies have struggled to automate,” said PredictAP CEO and founder David Stifter, adding “AP and accounting become exponentially more complex at the property level, and we’re excited to relieve that pain for another segment of the real estate industry by opening our solution to Bottomline customers.”
Three Bottomline/Nexus customers participated in PredictAP’s beta testing phase, and Bottomline is actively working with PredictAP to identify other interested companies to take advantage of the new integration.
Illinois-based Hiffman National, a commercial real estate company offering – property management, lender services, project services, lease administration, workplace solutions and asset inspections, signed on as an early beta customer for PredictAP’s NexusPayables integration, with an official go live in May 2024, processing over 2000 invoices per month.
“We wanted to maintain the visibility and efficiencies gained from using Nexus while also finding a best-of-breed solution for automating invoice data entry and coding, which is a costly manual effort for our team,” said Dan Craig, director of property accounting at Hiffman National. “PredictAP’s Nexus integration gave us the best of both worlds,” he said.
PredictAP is now available for all Bottomline customers using NexusPayables cloud-based procure to pay suite. NexusPayables was acquired by Bottomline in 2022.
