Based on a 2016 AFP survey, the future of check payments does not look very promising. The survey indicated that electronic payments are now 61% of all B2B remittances from major customers and will soon be the dominant mode of payments posing a significant shift in traditional check processing lockbox services.
With checks declining by more than 16% over the last 5 years, the data capture opportunity for electronic payments will increase; however, this revenue is currently going to the Fintech. Fintech is offering end-to-end remittance processing for electronic payments plus automation solutions for the entire credit-to-cash cycle directly to your corporate customers.
To compete, banks need to look beyond traditional lockbox processing and offer advanced remittance management services for electronic payments. In doing so, banks can generate new revenue sources and reduce processing costs.
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.