Cash Application Cloud
HighRadius Cash Application Cloud is the most comprehensive solution available for automating cash application across all payment and remittance formats. Driven by customer-specific business rules, automated on-invoice hit rates of 95%+ are typical with the solution. A cloud-based solution available as Software-as-a-Service, Cash Application Cloud is easy and cost-effective to deploy and maintain.
HighRadius Cash Application Cloud enables end-to-end automation of the cash application process. Other solutions address single parts of the process but do not provide a comprehensive approach. Our solution is holistic and does not require complex and costly on-premise installation or capital expenditure. A powerful rules engine matches patterns and cleanses data. A unique data aggregation engine parses email attachments and web portals, eliminating manual capture of remittance data and deduction backup. Easy integration with any ERP system maintains user interaction with standard ERP cash posting. The result is drastically reduced operating costs, near-perfect on-invoice hit rates, and better audit compliance.
- Rules Engine – Intelligent pattern matching and transformation rules engine that applies customer specific rules for invoice matching, deduction identification & coding, and cash discount analysis.
- ERP Lockbox Remittance – Syndication engine to publish a single file specific to particular ERP systems such as SAP, Oracle and JD Edwards in their required formats. This allows the ability to leverage standard ERP cash posting.
- Optical Character Recognition – A built-in OCR engine captures data from check remittances.
- Data Aggregation Engine – Aggregate payment and remittance details from a variety of sources (customer portals, bank websites, FTP, emails,) and formats (EDI, paper, web email, etc.).
- EDI Aggregation: Support for EDI 823, EDI 820, 812, bank BAI or BAI2 formats.
- Web Aggregation: A web-based technology that collects information from websites.
- Email Aggregation: Automatically parses emails and their attachments to collect and process remittance information.
- Achieve a 95%+ auto on-invoice hit rate.
- Auto-create deductions and capture deduction information such as claim number, reason-code, etc.
- Apply cash the same day the funds hit your bank.
- Free up 80% or more of your cash application analysts’ time and minimize keying-in errors.
- Zero footprint implementation with your ERP system requiring no on-premise hardware or customization.
- Cloud-based architecture requires minimal or no IT involvement and eliminates costly and difficult upgrades.