The AFP 2016 survey indicated that electronic payments are now 61% of all B2B payments from major customers – with checks declining by more than 16% over the last 5 years. With these trends, traditional check processing lockbox services are slipping into oblivion.
Without a robust technology process for handling electronic payment remittance advices, banks are losing out on the data capture services opportunity for a $16 trillion B2B electronic payments market as corporate clients turn to Fintechs to provide this service.
Fintechs offer end-to-end remittance processing for electronic payments plus automation solutions for the entire credit-to-cash cycle. These one-stop receivables solutions from Fintechs go over and above what the banks offer today.
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
