Cash application is one of the most manual and low-value tasks in the A/R department. Teams manually reconcile remittance information from thousands of customers, in various formats, for posting cash. To automate this process organizations have turned to the AR Lockbox program and similar tools in combination with opting to outsource the manual remittance keying part to their banks which provide them Lockbox files. However, the data keyed in by the bank is incomplete and error-prone – thereby requiring additional manual effort for rectifying errors. Moreover, organizations end up paying banks a very high cost for this ineffective service.
In this webinar, we will review new advances in artificial intelligence technology and how it is now possible to automatically generate high-quality data to process through the standard Oracle AutoLockbox. This has enabled organizations to achieve upwards of 90% Lockbox Cash Application Hit-rate at a fraction of bank costs and save thousands of dollars every month.
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.
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We have seen financial services costs decline by $2.5M while the volume, quality, and productivity increase.
Colleen Zdrojewski
Trusted By 800+ Global Businesses
HighRadius Corporation
2107 CityWest Blvd,
Suite 1100,
Houston, TX 77042
