NACHA Announces HighRadius as the Preferred Partner for Cash Application Services
Herndon, VA – January 28, 2016 – Today, NACHA – The Electronic Payments Association announced HighRadius as a Preferred Partner for cash application automation. NACHA’s Preferred Partner Program identifies leading providers and innovators that work with NACHA to better advocate for technological advancements for the industry and education on best practices in support of the ACH Network and ACH payments. Improving cash application is one of the key needs businesses have expressed to NACHA through its Corporate Relations program, a channel through which corporates can learn and share information about electronic payments and the ACH Network.
“NACHA launched a Corporate Relations program last year to increase awareness of the ACH Network and the role of NACHA, and to hear from business users about issues and opportunities related to the Network,” said Janet O. Estep, president and CEO of NACHA. “Businesses have told us they are very interested in enriching the end-to-end automation of the cash application process.
“Our Preferred Partner Program enables us to support industry needs by providing information and guidance around innovative services and products that facilitate the use of electronic payments, such as High Radius’ Cash Application OnDemand. High Radius’ solution for automating cash application across all payment and remittance formats helps to enable straight-through processing and reduces operating costs.”
HighRadius is the industry leader in cash application solutions. Built on proprietary Artificial Intelligence-based data aggregation technology, the cloud-based solution parses remittance documents in any format, including email attachments and web portals, EDI, and paper and images, eliminating manual capture of remittance data and deduction backup. A powerful rules engine matches the payments accurately to open invoices, even in situations where remittance does not provide exact invoice numbers, including partial invoice numbers, payments by purchase order, etc. The HighRadius Cash Application OnDemand solution offers easy integration with any ERP system to speed up deployment and reduce need for IT resources allowing companies to increase operational efficiency and to achieve a strong ROI in just a few months.
“We are pleased to work with NACHA as a Preferred Partner to offer solutions that optimize automation of electronic payments and help businesses realize the potential of ACH in terms of cost and operational efficiencies,” said Sashi Narahari, CEO at HighRadius. “NACHA is leading efforts to increase industry awareness of the value of payments plus information, which the ACH Network enables, to support automation. HighRadius’ solution aligns with business user needs communicated through NACHA’s Corporate Relations program to automate ACH cash application while providing benefits such as improved operating efficiencies and reduced costs to businesses and financial institutions.”
NACHA is an active leader in advocating and creating best practices to increase adoption and use of ACH payments, streamline payments practices, improve data quality, and reduce costs with respect to payments processing. NACHA’s partnership with HighRadius will enable improved education and support of cash application operations, helping to further NACHA’s strategic efforts.
HighRadius provides Financial Supply Chain Management (FSCM) software solutions to optimize receivables and payments functions such as credit, collections, cash application, deductions and eBilling. HighRadius Receivables OnDemand and Payments OnDemand solution suites are delivered as software-as-a-service in the cloud to automate the entire credit-to-cash cycle. HighRadius certified Accelerators for SAP Receivables Management enables large enterprises to achieve advanced business transformation initiatives and leverage their SAP investments with lower TCO. HighRadius solutions have a proven track record of reducing days sales outstanding (DSO), bad debit and increasing operation efficiency enabling companies to achieve an ROI within months. For more information please visit www.highradius.com.
About NACHA — The Electronic Payments Association
Since 1974, NACHA – The Electronic Payments Association has served as trustee of the ACH Network, managing the development, administration and rules for the payment network that universally connects all 12,000 financial institutions in the U.S. The Network, which moves money and information directly from one bank account to another, supports more than 90 percent of the total value of all retail electronic payments in the U.S. Through its collaborative, self-governing model, education, and inclusive engagement of ACH Network participants, NACHA facilitates the expansion and diversification of electronic payments, supporting Direct Deposit and Direct Payment via ACH transactions, including ACH credit and debit payments; recurring and one-time payments; government, consumer and business transactions; international payments; and payments plus payment-related information. Through NACHA’s expertise and leadership, the ACH Network is now one of the largest, safest, and most reliable systems in the world, creating value and enabling innovation for all participants. Visit nacha.org for more information.