AI-Based Check Remittance Capture Software
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Cash Application Software

AI-Based Check Remittance Capture

Automatically extract accurate remittance information submitted along with the checks as additional pages, using an AI-based, multi-OCR engine that can automate 70-90% of the capture and eliminate lockbox key-in fees.

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AI-Based Credit Management Software

Trusted by Credit Teams Across the Globe

Eliminate Lockbox Fees through Automated Cash Application to capture accurate Check Remittance.

Save 100% lockbox key-in fees by applying an AI-based, multi-OCR engine to capture noise-free and accurate check remittance. While template-based OCR(Optimal Character Recognition) can automate 40-50% of the capture, AI algorithms can improve that to 70-90% range.

Perform Character-level Capture via Three OCR Engines

  • Deliver the best results in data extraction by processing every received check via multiple Optical Character Recognition (OCR).
  • Pick each character with the highest probability of accuracy with our proprietary voting algorithm.
  • Each OCR engine reads the image and outputs every character with its latitude/longitude coordinates.
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Create Tabular Structure via Data Cleansing Algorithms

  • Auto-assemble the OCR-extracted character level data into ‘rows’ and ‘columns’ to create a tabular structure through proprietary data cleansing algorithms.
  • When the OCR engines provide the location of each character on the page, the system uses this information to create the tabular structure.

Remittance Classification using Data Clustering Algorithms

  • Identify what data is present in each column and row by running the tabular data through data clustering algorithms.
  • The system identifies which columns represent the invoice numbers, the paid amounts, etc. It also classifies rows into 'invoices being paid' v/s 'other data' such as subtotals and deductions/discounts.
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AI-Based Extraction of Remittance information from Unstructured Data

  • Our automated Cash Application Software extracts information from unstructured data using AI and ML technologies that helps in identifying parameters like Invoices or other Reference Numbers along with amounts through pattern recognition.
  • The system assigns probabilities of each word being one of the key parameters identified and uses this information to create a remittance.

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Transform Your Cash Application Process

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AI-Guided
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Capture

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Frequently Asked Questions

Bank Of America, JP Morgan, CITI, Scotia, Wells Fargo etc. to name few. We have integration with lot of banks.

We are an ERP agnostic software that integrates with any and all of the ERPs like SAP, Microsoft Dynamics 365, Oracle, NetSuite, etc. ns, short payments, overpayments, etc.

We will be able to handle most of the IT related efforts during the implementation. All we need the IT is for getting us the open AR extract and the bank payment file. This will be usually around a week's worth of efforts spread across the implementation time frame.

Security is of paramount importance to each of our customers as it is to us. We are SSAE16 Soc I Type II certified, PCI-DSS Compliant and CSA Registered. We strictly follow all Industry standards and best practices.

Our automated cash application software helps you achieve faster and accurate cash posting, save 100% lockbox key-in fees and eliminate the hassle of manually collecting remittance data.

Project timeline depends on the complexity of the scope. It’s generally between 8-16 weeks.

Typically, our pricing has two components - the one-time setup fee and a monthly recurring subscription fee. You can get on a call with us and get a customized pricing according to your business needs

Our automated cash application software helps you achieve faster and accurate cash posting, save 100% lockbox key-in fees and eliminate the hassle of manually collecting remittance data.

Manual remittance data capture from various formats and sources, paying lockbox fees for checks, coding ERP codes to disputes, missing remittance scenarios are the major challenges to name a few.