From Good to Great: 5 Ways to Prepare Your Existing Cash Application Systems for the Future

Key Takeaways

Understand cash application processing challenges presented by the rising volumes of electronic payments
Compare and contrast technology options for e-remittance capture from electronic sources like email, files attachments, web portals and EDI
Integrate electronic remittance easily into existing cash application system workflows while eliminating need to manually process it
Automate the matching of payments to open invoices to minimize exceptions
Eliminate the need for expensive system replacement or big IT projects

Speakers

David Schmidt, Technology and Benchmarking Survey Editor, Credit Today

Jay Tchakarov, VP, Product Management, HighRadius

About The Webinar

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.