Get Remittance Out of the (E)Mail with Lockbox and Cash Application Automation

Key Takeaways

Utilize built-in ACH Network processes and options for facilitating the exchange of payments plus remittance information
Adopt best practices for driving customer adoption of electronic remittance
Implement plug-and-play technology for aggregating remittance from email, paper, EDI, or web portals, and
Use rules-based technology for applying non-standard remittance to improve cash application in ERP systems

Speakers

Robert Unger, Senior Director Product Management and Strategic Corporate Relations, NACHA

Jay Tchakarov, VP - Product Management, HighRadius

About The Webinar

The growth of B2B electronic payments has thoroughly complicated payment remittance practices at the buyer’s end. According to NACHA, more than 80% of payment remittances require re-association to close invoices because customers’ remittances are spread across email, email attachments, check remittances, fax, EDI and even websites! This creates inefficiencies in the cash application process – requiring time-consuming manual work and slowing down the ability to apply cash faster.

This webinar examines how the ACH Network, coupled with automation technology, improves the remittance information coming in from the bank lockbox and various other sources to automate the cash application processes.

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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.