5 Reasons Robots Should Handle Cash Application

Details

A 2017 NACHA-CRF survey indicates that only one in four cash application teams is able to achieve 60%+ automation in cash reconciliation and teams lose valuable time on redundant tasks such as:

  • Correcting errors and missing data in bank lockbox files for check payments
  • Capturing remittance information from diverse remittance sources and formats used by different customers
  • Manually matching a large volume of payments with open A/R

Cash application teams at Danone, Reckitt Benckiser and several other Global 2000 companies already work with bots in the cash application process and achieve 95% straight through cash posting.

In the upcoming webinar, join Tanmay Mehra as he discusses how machine learning and robotic technologies could help eliminate redundant manual tasks, apply cash faster and handle the growing workload at a fraction of the costs.
Key takeaways

  • Achieve 95% no-touch cash posting for checks and ACH payments
  • Estimate savings from cash application automation
  • Automate remittance capture from email, EDI and customer portals
  • Reduce bank lockbox costs by 42%
  • Boosting employee morale by transitioning team from clerical work to high-value credit and collections activities

Speaker
Tanmay Mehra, Senior Solutions Architect, HighRadius