Credit and A/R leaders have tried many options to reduce costs and eliminate busywork and manual effort from cash application operations. Traditional automation technologies such as optical character recognition (OCR), and software parsing tools have only partially succeeded in automating the cash application process and delivered only limited improvements. These shortcomings and inability to provide significant-efficiency gain only become more visible with growing payment volumes and the rise of electronic payments requiring significant increases in resource needs and operational costs for applying cash.
Recent technological advances and specifically Robotic Process Automation (RPA) have shown significant promise to quickly upgrade existing systems. Based on customer-specific business rules and Artificial Intelligence, RPA has the ability to complement existing functionality and scale it to automate the entire cash application process. Organizations who adopt this technology across industries have enabled their existing cash application systems to handle the increasing payments volumes, today, and moving forward, while also reducing manual tasks and overhead costs.
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.