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 receivables processing engines capable of delivering on-invoice hit rates of more than 95%, Cash Application Cloud enables your customers to significantly eliminate manual work associated with cash application and payment processing. 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. The cloud-based solution does not require complex and costly on-premise installation or capital expenditure. Artificial Intelligence-enabled engines are able to capture remittance information from checks, emails, attachments, customer websites and EDI files and link it to the payment, while the A/R matching engine reconciles payments with open receivables. Easy integration with any ERP system ensures a uniform user experience with standard ERP cash posting. The result is drastically reduced operating costs, near-perfect on-invoice hit rates, and better audit compliance.
- AI-powered Remittance and Payment Aggregation - Aggregate payment and remittance details from a variety of sources and formats from customer portals, bank websites, FTP, emails and EDI files
- Email aggregation to parse emails and attachments for processing remittance information
- EDI aggregation for EDI 823, EDI 820, 812, bank BAI or BAI2 formats
- Web aggregation that collects information from websites
- Multiple OCR engines for high accuracy check remittance data capture
- Payment-Remittance Re-association – Automatic association of payment information with incoming remittance
- Intelligent A/R Matching – Intelligent matching to match payments to open invoices, identify and code short-payments and deductions and analyze cash discounts
- Deep ERP Integration – The syndication engine publishes ERP system specific files to update ERP open A/R information and is capable of working with both popular and legacy ERP system file formats
- Remittance Archive – Perpetual repository with high-fidelity search and indexing of all remittance information across all sources
- Receivables Analytics – Out-of-the-box reporting dashboard to track key payment processing metrics
- Achieve up to 95% straight-through payment processing across check and electronic payment formats
- Automate capture of remittance across all remittance sources including check stubs, emails, attachments, EDI files, lockbox and customer websites
- Apply cash the same day the funds hit your bank
- Expedite deduction resolution by auto-creating deductions and capturing deduction information
- Free up 80% or more of your cash application analysts’ time and minimize cash posting errors
- Ensure a seamless user experience with direct cash posting integration through standard ERP cash posting applications
- Deploy without any ERP software or on-premise hardware customization in a zero-footprint implementation
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