Xero has introduced bank reconciliation predictions. These use machine learning to predict contact and account codes for transactions that cannot be matched to invoices or bills using an organization’s bank rules, Xero’s matching logic or memorizations. The new capability, which will be rolled out in phases, replaces the previous need to enter these manually. Xero says as it improves algorithms, there will be Account and Contact predictions in bank reconciliation more frequently.
The technology utilizes text classification and entity recognition, which Xero says are two core machine learning techniques.
