Intelligent Parsing To Read Remittance Data from E-mails

Read on to find out how Artificial Intelligence and Cloud-Based Machine Learning can help you cut down costs, effort and time!


Chapter 01


Chapter 02

Artificial Intelligence to Capture Remittance Data from Check Stubs

Chapter 03

Intelligent Parsing To Read Remittance Data from E-mails

Chapter 04

Intelligent Web Aggregation To Capture Remittance Data from Websites

Chapter 05

EDI Encourage Customers To Use EDI For Remittance Data

Chapter 06

Rules Achieve over 90% Automation Levels

Chapter 07


Chapter 08

Additional Resources
Chapter 03

Intelligent Parsing To Read Remittance Data from E-mails

The accelerating move to electronic payments and ACH has created some curious implications for cash application teams. While on the surface it seems that electronic payments should be easier and faster to process, the new ways of providing the corresponding remittance, including via e-mail, have had a potentially negative impact. Instead of leveraging their bank relationships, cash application teams have had to find new ways to process these remittances. Let us focus on remittance provided via e-mails and ways to automate its processing.

“The irony is that e-mail is one of the most convenient forms of remittance to automate.”

Without automation, e-mail remittance would require manually reading through the e-mails and attached files and processing the payments. In many instances, teams would attempt to use the low level of automation accomplished with OCR technology. This would mean that remittances would be printed first, then scanned and processed with OCR. This is not only manual and labor-intensive but also introduces the added cost of paper. The irony is that e-mail is one of the most convenient forms of remittance to automate. The data is already provided in electronic form, removing a lot of the complexity and errors of OCR. The main hold up in automation here was that automation required customer-specific templates that needed to be developed by IT professionals. This required an IT project and would lead to delays and added costs. Cash application system vendors have deployed several different types of solutions to address the problem. Template-based solutions automate e-mail remittance and make it easy to deploy a solution by eliminating the IT bottleneck. However, this still requires work to develop and test each template. This work was taken up by the vendors, speeding up the delivery of results and realization of value. The latest technologies are also applying Artificial Intelligence (AI) and Machine Learning to automate e-mail remittance, similar to how it is applied in processing paper remittance as we learned in the previous chapter. The AI learns how to identify e-mails as containing remittance information by examining keywords and attachments. Similar to paper processing, the system can identify and extract the data fields relevant to cash application. It can do this in situations where the remittance is provided in the body of the e-mail as well as when it is in an attached file. As far as e-mail remittance is concerned, the cloud model can again serve as a multiplier by helping quickly train and teach the AI. The lessons already learned can be carried across organizations to enable quick deployment and support of new payers. This helps reduce the cost to cash application teams and enables minimum delay in go-live. ONLINE WEBINAR
Reckitt Bencksir
Reckitt Benckiser (RB) is a consumer goods company with a vast and varied array of customers with global revenues in excess of $16 Billion. Cash Application was soon becoming a bottleneck in the ever expanding scale of operations. Learn how RB utilized the power of the Cloud and Artificial Intelligence to achieve a 98.5% on-invoice hit rate and reduce staffing costs by 65%. E-mail remittance, like other electronic methods for providing remittance, presents a great opportunity to automate. Because errors due to scan quality and paper formatting are inherently avoided, the automation rates are able to reach 100%. In fact, during implementations, some of the fastest automation is realized on customers who submit remittance via e-mail. This means that your cash application team would not need to spend any time on customers providing e-mail remittance.


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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.