TripActions has added auto-itemization capabilities to its TripActions Liquid integrated payment and expense management solution, the company announced.
The feature uses “AI, foreign language translation and fuzzy matching” to split transactions with multiple components into individual line items when receipts are uploaded, according to TripActions. Hotel stays, for example, are itemized to break out room charges, fees and such extra costs as room service. Those line items are then aligned to company policies — meal cost guidelines for room service charges, for instance. That will save finance teams the time previously needed to manually check receipts from such transactions, according to TripActions Liquid general manager and head Michael Sindicich.
“[Manually checking receipts] leads to countless follow-ups with the cardholder for additional context, creating a time-consuming and frustrating experience for everyone involved, “Sindicich said in a statement.
TripActions reports an accuracy rate for the auto-itemization tool of over 90 percent, and it said that will increase over time with machine learning. Users can also edit itemized transactions if they see an error.
TripActions Liquid launched in February 2020 and expanded into Europe late last year.