MADISON, WI – November 7, 2024 – First Business Bank’s Accounts Receivable Financing group announces the implementation of robotic automation, powered by AI. Nicknamed "Astro," the automation system processes 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,” said Bill Elliott, President - Accounts Receivable Financing at First Business Specialty Finance, LLC, a subsidiary of First Business Bank. “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.”
The Accounts Receivable Financing team finances a broad range of businesses, from start-ups to companies with revenues of over $100 million.
About First Business Bank
First Business Bank® specializes in Business Banking, including Commercial Banking and Specialty Finance, Private Wealth, and Bank Consulting services, and through its refined focus delivers unmatched expertise, accessibility, and responsiveness. Specialty Finance solutions are delivered through First Business Bank’s wholly owned subsidiary First Business Specialty Finance, LLC®. First Business Bank is a wholly owned subsidiary of First Business Financial Services, Inc®. (Nasdaq: FBIZ). For additional information, visit firstbusiness.bank. Member FDIC