Artificial intelligence (AI) will play a tremendous role in the future of payments, helping finance and accounts payable (AP) departments to manage the growing volumes of financial data that cross their desks—all while increasing efficiency, maintaining accuracy, and meeting evolving compliance regulations.

While accounting processes, including AP, are primed for AI, finance leaders can be reluctant to integrate such technologies into their payment systems for fear of AI’s risks. With a thorough understanding of AI’s capabilities and actionable steps to manage its vulnerabilities, finance
leaders can embrace these new technologies and the value they bring to their finance and AP teams.

Data Security Risks With AI

Because AI intakes and stores large volumes of data, particularly financial data, there is always a concern that a
data breach could occur. Breaches are all too common, and unauthorized access or misuse of data can put individual privacy, identity, and financial data at risk. AI makes decisions based on data, so the outcomes are only as good as the data it receives. Data quality is paramount. While technology eliminates manual human data entry, AI hallucinations (responses generated by AI which contain false or misleading information presented as fact) can and do occur, so consistent oversight is
still necessary. For instance, a finance team member must explain, particularly during an audit, how the AI platform reached its decisions. Human oversight is still necessary to ensure data remains unbiased and transparent….

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