Monk Launches AI Phone Calls and Callbacks for Accounts Receivable

Monk, an AI-native accounts receivable platform, has introduced Voice Collections. The new feature allows its AI agent, Julia, to place outbound collection calls and handle inbound customer inquiries regarding invoices and payments from a dedicated business phone number. This integration brings the phone channel, historically the most effective for collections, into Monk's automated system.

Globally, approximately $10 trillion sits in unpaid invoices, with average payment times extending significantly. While phone calls are proven to be two to three times more effective than email for collections, many finance teams rely on email due to challenges in scaling manual calling efforts and the associated costs. Voice Collections addresses this by enabling automated outreach to all overdue accounts.

The AI agent, Julia, can initiate calls based on predefined collection strategies and respond to customer callbacks, answering questions about invoices or payment details. This allows companies to ensure comprehensive follow-up on all outstanding debts, potentially improving payment speed. Previously, Monk's agent demonstrated a higher response rate than standard dunning methods and resolved 88.2% of collections without human intervention.

"Voice Collections was built so finance teams can finally use the phone channel at the scale email has given them," said George Kurdin, Founder and CEO of Monk. "With a capable voice agent, customers can engage effectively and receive timely support." The feature is designed with strict guardrails, operating on a reference-based system to ensure accuracy and prevent errors within the collections process.