Key Challenges with Check Processing


A $55 Billion Wholesale Company

Learn how a $55.3 Billion wholesale company leveraged mobile RDC to achieve 85+% automation for processing remote deposit payments across 72 operating companies

Contents

Chapter 01

Introduction

Chapter 02

Key Challenges with Check Processing

Chapter 03

Results Across the Board

Chapter 04

Automate Cash Posting with RDC 2.0

Chapter 05

Automate Cash Posting for Remote Deposits with Mobile RDC

Chapter 06

About HighRadius
Chapter 02

Key Challenges with Check Processing


  • Decentralized cash posting process for each of the 72 business units
  • Multiple deposits accounts with customers paying for each business units using different checks
  • Cash posting without using remittance information
  • Internal auto-match algorithms were used to match remittances using payment amount resulting in low on-invoice hit rate of 30-40%
  • Team was unable to post cash the same day
  • Multiple checks scanning for depositing checks and research and retention purposes
  • Cash posting was inaccurate; lots of claims were not processed accurately and the team spent 50% of the time correcting the A/R
  • Deduction coding was manual as SAP setup had minimum mapping table

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HighRadius Integrated Receivables Software Platform is the world's only end-to-end accounts receivable software platform to lower DSO and bad-debt, automate cash posting, speed-up collections, and dispute resolution, and improve team productivity. It leverages RivanaTM Artificial Intelligence for Accounts Receivable to convert receivables faster and more effectively by using machine learning for accurate decision making across both credit and receivable processes and also enables suppliers to digitally connect with buyers via the radiusOneTM network, closing the loop from the supplier accounts receivable process to the buyer accounts payable process. Integrated Receivables have been divided into 6 distinct applications: Credit Software, EIPP Software, Cash Application Software, Deductions Software, Collections Software, and ERP Payment Gateway - covering the entire gamut of credit-to-cash.