How did HighRadius Help
WESCO leveraged the Cash Application Cloud from HighRadius to address all their challenges and have a straight-through cash posting in place. The artificial intelligence-based solution brought in the following functionalities:
Cash Application Cloud
Automatic Processing of Multiple Remittance Formats
The email remittance, OCR, and web portal remittance-capture feature of the solution handles auto aggregating the remittance data from all the sources. The email remittance capture ensured digital processing for a high-quality image with no email management requirement to process remittances coming in via email. Furthermore, while the OCR capture processed paper check remittances, the web portal remittance captured remittances from the customer’s website with no need for the team’s intervention.
Automatic Capture of E-Payment Information
The Cash Application Cloud corroborated seamless capture of payment information across all standard bank file formats (BAI, BAI2, EDI820, EDI823, MT940) and in multiple languages. The solution also captured all critical information such as payer name, bank fees, and currency to ensure faster payment remittance linking.
AI-Based Remittance Prediction
AI-Based remittance prediction suggests missing remittances to payments coming in and allows the analyst to choose from multiple suggestions provided by the solution. It allows the remittances to be matched based on various fields like P.O. number, receipt, or receiving data. Furthermore, the AI based customer master recommendations allow regular maintenance of the customer master data such as payer name and MICR mapping saving.
Automated Deduction Coding and Seamless Integration
The Cash Application Cloud seamlessly integrates with other A/R processes to capture promises to pays as remittances and claim data for deduction coding. It allows identifying, matching, and automatic coding of deductions. It also assures the collections and credit teams are on the same page when a payment comes in and cash is applied to avoid undesirable dunning.
Configured to Meet Specific Business Requirements
The HighRadius solution was efficient enough to cater to WESCO’s customized business requirements where it helped them close invoices at a parent account level and post disputes at the customer level.
