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BizPay is Australia’s fastest growing buy now, pay later FinTech in the B2B space.

Its AI-driven cash flow management platform enables businesses to split any invoice into four monthly instalments, while receiving full payment of approved invoices within 24 hours.

What was the Challenge?

BizPay relies on technology to streamline its process. It uses artificial intelligence (AI) and third-party data sources to pull relevant data, analyse risk and make decisions about payments quickly. But when it came to extracting important information from invoices, the process was still highly manual.

“At the start we needed customers to manually enter information like invoice items, which was a real friction point for our customer experience,” Tim Cuthbert, Chief Product Officer at BizPay explains.

“Human data entry and manual processing also leaves a bit of room for error. During the final processing stage, we also had to further validate information with the customer.”

BizPay had additional challenges with handwritten invoices, which are valid according to the ATO but unable to be read by a simple OCR (optical character recognition) model.

“We needed to get a more seamless level of customer experience with straight-through processing,” Tim says. “We had looked at other OCR solutions, but most had four eyes checking.”

 

Solution

Sypht's ability to deliver a seamless, automated document workflow helped BizPay achieve its straight-through processing goals. Integration was easy via open API, meaning a trial of the system in a couple of weeks.

“Being able to work together in a real agile environment has been a real benefit. We understand each other’s goals and continue to drive the customer experience to where we want it, and where our customers need it to be. It enables us to not just be disruptors, but challenge traditional businesses and solutions in this industry.

Sypht has also allowed us to focus on what really matters: improving customer engagement and growing in the BNPL space.”

What did BizPay use?

Platform Features

Transport
Extract

Results

BizPay saw impressive results. Error rates of 40% on invoice data accuracy dropped drastically to 5 to 10%, reducing the need for manual intervention by 75%.

Sypht also helped manage operational risk by providing payment chain visibility, scanning for duplications and detecting potentially fraudulent invoice activity.

“Sypht’s Signals AI really took it to the next level for us. We got automatic insights, duplication alerts and signals around fraud.”

With Sypht, BizPay continues to improve its straight-through processing – enabling credit decisions for small businesses within minutes, rather than hours or days.

Thanks to BizPay powered by Sypht, Australia’s small businesses can confidently seize new opportunities and invest in future growth.

Improvement in Customer Experience
85%+ straight through processing of invoices

Efficiency gains for BizPay customers
24 hour SLA for processing of invoices

Simple Trial and Integration Process
API implemented and running in days

Improved performance and reliability
Sypht is 2x as fast and 25% more accurate than the competition

Sypht enables us to challenge traditional businesses and solutions in this industry, improve customer engagement and grow in the BNPL space.”

Tim Cuthbert

Chief Product Officer, BizPay

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