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

Contents

Chapter 01

Executive Summary

Chapter 02

13 Everyday Remittance Scenarios

Chapter 03

AI-enabled Remittance Capture

Chapter 04

About HighRadius
Chapter 03

AI-enabled Remittance Capture


End-to-end Automation For 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

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There’s no time like the present

Get a Demo of Cash Application Cloud for Your Business

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HighRadius Cash Application Software enables the end-to-end automation of the cash application process that covers major benefits such as AI-enabled data capture for remittances, auto-linking of payments with open invoices, cost-cutting on lockbox fees and easy compatibility with any system due to its ERP-agnostic Saas infrastructure. Apart from the major benefits that it has, there are some key features which can not be missed out, some of them are Email Remittance capture, Discounts and Deductions Handling, Check Remittance Capture, Web Remittance Capture, Invoice Matching, and RDC & Mobile Payments.