First Business Bank’s accounts receivable financing implemented robotic automation, powered by AI. Nicknamed “Astro,” the automation system is designed to process a substantial volume of factoring client cash transactions. The company plans to expand its implementation across multiple factoring operations in the future.
“We are very excited about the contributions that Astro is presently making,” Bill Elliott, president, accounts receivable financing at First Business Specialty Finance, a subsidiary of First Business Bank, said. “There are so many repetitive processes involved in factoring. As Astro expands its capabilities, we foresee the ability to automate many of these processes with resulting improvements to efficiency and portfolio management.”
