- Financial operations platform for spend and expense management Extend has introduced its AI Receipt Agent.
- The Receipt Agent automates the routine work of matching receipts with card transactions, while keeping finance teams in control of every decision.
- Headquartered in New York, Extend made its Finovate debut at FinovateSpring 2019. The company powers billions in transaction volume and has more than 10,000 business customers.
Spend and expense management platform Extendunveiled its AI Receipt Agent this week. The new offering for the firm’s bank partners automates the work of matching receipts to card transactions while keeping finance teams in control of every decision. As part of Extend’s effort to make trusted AI tools accessible to its small and mid-market business clients, the AI Receipt Agent was developed in conversation with finance teams and is designed to earn trust via useful, understandable automation.
“Every business owner we talk to wants AI to take the tedious work off their plate, and every one of them also wants to know exactly what it’s doing with their data,” Extend CEO and Co-Founder Andrew Jamison said. “We don’t think those two things are in conflict. As a small business ourselves, we want the same thing: tools that make the busywork disappear without creating new risk. That’s why we are building all of our AI agents to handle the routine work well and to show their work at every step. We help banks deliver AI their customers will actually trust, so no one has to trade control for convenience.”
To this end, the Receipt Agent handles the searching and matching while finance teams remain in charge of reviews and approvals. The agent automatically searches for and retrieves receipts from employees’ Gmail or Outlook accounts, using the same security and access controls that already protect their spend data. All matches are explainable so that finance teams can see what the agent matched and why, and then correct matches when needed.
The pilot includes small, mid-market, and enterprise businesses alike, and Extend anticipates expanding availability through the rest of the year. The company will continue working directly with its bank partners to responsibly introduce AI capabilities into their business banking offerings, initially focusing on areas where automation is most effective and easiest to verify.
“In finance, trust is earned with the boring stuff first,” Jamison said. “The technology to automate far more of this work already exists. What’s harder is earning the right to be trusted with it. We would rather show our work and go slower than move fast and lose that trust, and we think that’s exactly the approach banks need as they bring AI to their business customers.”
New York-based Extend made its Finovate debut at FinovateSpring 2019. Today, thousands of firms use Extend to create and manage virtual cards, streamline payment workflows, and secure real-time visibility into team and vendor spend. The company powers billions of dollars in transactions and has more than 10,000 business customers.
