Integrated Receivables Platform For Banks

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.

Cash Application Cloud

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.

Features

  • 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

Benefits

  • 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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