Solutions for Banks
HighRadius Integrated Receivables Solution modernizes banks’ treasury management service portfolio and enables banks to streamline receivables-to-cash cycle for corporate clients.
Banks’ receivables management offerings are challenged with manually matching various formats of e-remittance advice with e-payments, resulting in increased operational costs and poor service delivery to corporate customers. The HighRadius Integrated Receivables solution enables banks to offer end-to-end automation of receivables management – e-remittance capture, payment-remittance matching and straight-through invoice reconciliation in your client’s ERP.
The solution is capable of capturing e-remittance across e-remittance media such as email, file attachments, web portals and EDI. The modular solution extends beyond the reconciliation of payments to corporate receivables, by offering deductions managements and electronic invoice presentment and payments. While deduction coding and management speeds up short payment identification and resolution, electronic invoice presentment and payments helps bring your clients’ credit-to-cash cycle to a single platform.
The SaaS-based solution is quick and cost-effective to deploy for each client, without capital expenditure for hardware or IT development, typical of on-premise software installations.
- Electronic Remittance Capture – Parse emails, file attachments, clients’ web portals and EDI for consolidating remittance and payment data.
- Transformation Rules - Deliver payment-remittance linking and invoice matching to facilitate auto-posting of cash into the client’s ERP system. Code deductions to identify disputes and automate resolution using smart collaboration workflows.
- AI-Based OCR - Use of artificial intelligence to capture data from check remittance information to reduce manual exception handling.
- EIPP – Accelerate invoice presentment and payments delivery to clients across multiple formats such as email, fax and EDI.
- Provide a differentiated offering for receivables management automation
- Add to existing corporate service revenue streams by offering integrated receivables
- Increase penetration and wallet-share among existing corporate clients and new business opportunities
- Implement quickly, with a low footprint and minimal IT intervention
- Scale easily with flexible modular options and advanced functionality, all from a single platform
- Maximize operations savings by automating 80% of tasks required in processing electronic remittance