AI-enabled Remittance Capture
This e-book is an actionable summary that drills down the challenges in remittance processing and best-practices to build a robust remittance processing workflow for checks and e-payments
Chapter
03
AI-enabled Remittance Capture
End-to-end Automation For Remittance Capture
Staying future-ready with Artificial Intelligence
Artificial Intelligence transforms the remittance capture process from an ad-hoc, unstandardized set of processes to an assembly-line approach. Due to the template-free technology, it supports all forms of remittances, making it future-proof and helps your team in accepting more e-payments that tend to come with decoupled remittance details. The key benefits associated with AI-enabled remittance capture are:
- Cut costs on lockbox feesAI-enabled OCR captures check remittance data automatically, removing any dependency on bank lockbox services or in-house resources for key-in, thereby reducing costs
- Eliminate templates with an AI-based capture engine that growssmarter over timeTemplate-free technology based on AI captures all remittance details even when thecheck stub comes in a non-standardized or unfamiliar format
- Achieve 95% posting rate by eliminating errors associated with manual data entrySelf-learning OCR captures data with 95% accuracy, eliminating the need forexception handling when posting check payments
- Free up resources for strategic credit and collections activitiesAutomate manual tasks of email remittance aggregation and data reading to focus resources on strategically important A/R operations
