A First Step to Predictive Analytics: Quantifying the Risk of Paying an Invoice on Receipt

Is it possible to quantify the risk of paying an invoice on receipt – before the usual approvals process? Remitia, an upstart in the trade financing and payables market, thinks so. In a blog post, originally published on PaymentEye, Remitia suggests it’s possible to use big data to accurately price the risk associated with paying an invoice on receipt. While pricing of payment risk for unapproved invoices is nothing new, the notion of quantifying and grouping different risks from historical payment and invoice files to determine the probability of whether a submitted invoice will be approved and paid without modification brings the concept into the big data era.