43% of the respondents in a survey by the Remittance Coalition said that among the top pain points of electronic remittance processing were missing data elements in the remittance file. The next biggest pain point, according to the survey, was the handling of multiple remittance formats, which lead to inefficiencies during payment processing.
From the results of the survey, it becomes clear that the benefits of electronic payments are easily overshadowed because processing them becomes a tedious affair.
In this webinar, we will analyze the inefficiencies that had been present in the cash application process at various organizations, and then share how they achieved >90% straight-through processing by automating cash application.
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.