In 2013, a Vice President at a top 10 bank said, “Remittance is not among the things that the corporate treasurer worries about and neither should we.” They could not have been more wrong.
Today, corporates want faster e-payment reconciliation to complement the faster settlement achieved with the proliferation of electronic payment formats including ACH and credit cards. In the absence of suitable bank offerings, corporate clients have moved electronic remittance processing to 3rd party service providers – creating a dent in traditional lockbox service revenue.
In response, banks have adopted ad-hoc strategies – adding more staff, or investing in old school OCR technology – neither of which have helped e-remittance processing develop into a scalable, cost-effective revenue stream.
HighRadius Electronic Invoice Presentment and Payment (EIPP) Software provides tools that automate and speed up invoice communication and facilitate a faster collection of payments, enabling a closer and more convenient relationship with customers. It automates the invoice transmission and payment collection process providing a configurable solution that supports multiple invoice formats and different modes of transmission (fax, email, portal, etc.) depending on the targeted customer, its integration with ERP systems and a rich search capability enables efficient storage and retrieval of past invoices, backup attachments to minimize disputes and short pays. Apart from that it also has some key features that you would not want to miss out: level-III interchange and surcharge; self-service customer portal; invoicing across email, customer portals, post, and fax; advanced deduction management; and lightning e-payments. The result is faster invoicing and payment collection, better customer service, and improved profitability and cash flow.
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We have seen financial services costs decline by $2.5M while the volume, quality, and productivity increase.
Colleen Zdrojewski
Trusted By 800+ Global Businesses
HighRadius Corporation
2107 CityWest Blvd,
Suite 1100,
Houston, TX 77042
