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Cash Application Software

AI-based data capture and matching algorithms to achieve 80%+ automation rate for same-day cash application.

Eliminate bank key in fees for checks by 100%. Increase cash app analyst productivity by 30%.

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Recommended Resources
Cash App Datasheet
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Cash Application Software Modules

AI-based E-Mail Remittance Capture

AI Remittance Aggregation

Automate 90%+ of Email & Check Capture. Capture remittance from emails and check images. More

AI-based E-Mail Remittance Capture

Remittance Portal Automation

Automate Remittance Capture from Portals. Out-of-the-box robotic process automation for 100+ portals. More

AI-based E-Mail Remittance Capture

Remittance Auto-Matching

Link Payments to Remittances and Invoices. Algorithms to identify customers and match invoices. More

AI-based E-Mail Remittance Capture

AI-Guided Exception Management

2X Exception Productivity. Auto-suggest remittances, request remittances via email. More

AI-based E-Mail Remittance Capture

Deduction Auto-Coding

Reduced Revenue Leakage. Pre-built algorithms to automate coding of deductions and discounts. More

AI-based E-Mail Remittance Capture

Bank Connectivity Manager

Library of Bank Integrations. Out-of-the-box integrations with 75+ banks globally. More

Additional Modules for Cash Application Automation | Remote Deposit Capture

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PRODUCT

Key Modules

  • AI Remittance Aggregation
  • Remittance Portal Automation
  • Remittance Auto-Matching
  • AI-Guided Exception Management

VALUE

Improve Operational KPIs

  • 90%+ Item Automation Rate
  • 40% Faster Exception Handling

Deliver Business Outcomes

  • Eliminate Bank Key-in Fees for Check Lockbox Processing
  • Increase Cash App Analyst Productivity by 40%

Key Modules

  • AI Remittance Aggregation
  • Remittance Portal Automation
  • Remittance Auto-Matching
  • AI-Guided Exception Management

Improve Operational KPIs

  • 90%+ Item Automation Rate
  • 40% Faster Exception Handling

Deliver Business Outcomes

  • Eliminate Bank Key-in Fees for Check Lockbox Processing
  • Increase Cash App Analyst Productivity by 40%

HighRadius Vs. The Competition

Cash Application Software Feature Comparison

HighRadius ERP Vendors(e.g. SAP, Oracle) Niche Players(e.g. FIS, Billtrust) Niche Players(e.g. Esker, Billtrust) Niche Players(e.g. Esker, Billtrust)

AI Remittance Aggregation and Capture

  • Check remittance capture
  • Email remittance capture

Missing Remittance Handling

  • Automated request for missing remittance
  • Remittance predection

Remote Deposit Capture (RDC)

  • Check image capture processing at office locations
  • Integration with check scanners/mobile devices

Advanced Dunning

  • Bulk correspondences with customizable templates
  • Smart payment links within emails

Disclaimer: Feature comparison is based on each vendor’s most recent and modern version available as of February 1st, 2024. Information is based on data collected from public websites and forums, analyst papers, and product datasheets as of February 1st, 2024.

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400+ Enterprise Customers

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600+ Mid-Market Customers

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95% Automation Rate
Achieved within 90 days of implementation. Read More

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95% Hit Rate
Increased employee productivity by 75%. Read More

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94% of Payments Auto-Cleared Across 50 Countries
100% of deductions auto-coded. Read More

HighRadius Cash Application Solution Overview

Collections Flow Diagram

Recommended Resources

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How North American SMBs Could Save More than $1.3 Billion in Lockbox Fees

This e-book will walk you through the options for processing checks on the parameters of processing cost, check float reduction and resource requirement.

Download the Ebook
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Cut Down Costs, Efforts and Time: 5 Ways to Automate Cash Application

Read on to find out how Artificial Intelligence and Cloud-Based Machine Learning can help you cut down costs, effort and time!

Download the Ebook
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Business Case Template For Cash Application Automation

This package contains an excel sheet and an ebook for A/R leaders for justifying a business case in an automated cash application system.

Download the Template

FAQs: AI-Powered Cash Application Automation Software Systems

What is Cash Application Automation software?

Cash Application Automation software automates the process of matching incoming payments with outstanding invoices using AI and machine learning. Automated Invoice Matching Software reduces manual effort, enhances accuracy, and offers real-time cash flow insights for faster and more accurate allocation of payment.

What are the benefits of Cash Application Solution?

Cash Application Solution helps you achieve faster and more accurate cash posting, save on the bank lockbox key-in fees, eliminate the hassle of manually collecting remittance data, and thus, increases cash app analyst productivity.

How does HighRadius Cash Application Automation Software help you achieve 90% automation at item level?

With AI-based Automated Invoice Matching, HighRadius Cash Application Automation Software automates 95% of the manual effort of matching emails to payments while extracting the remittance information from the email body and attachments and matching the invoices referenced to the correct ones within ERP.

What are the best features of HighRadius Cash Application Automation Software?

HighRadius Cash Application, an AI-powered invoice matching platform, automates remittance data extraction from check images, attachment and portal. It identifies customers via invoice details, banking info, and email domains, while AI-driven exception management suggests actions for unmatched payments.

How does the solution support exception handling?

An invoice reconciliation software consumes past payment behavior and suggests remittances for customers who paid without one. It automatically sends email requests to customers to select the right invoices. Once confirmed, it automatically applies the cash and closes the line-items in your ERP.

What are the supported formats for payments and remittances?

Cash Application Automation Softwares supports multi-bank Connectivity - with the ability to process industry standard payment formats - EDI, BAI, BAI2, CAMT, MT940, CSV, from global banks.

How many banks does HighRadius currently integrate with?

HighRadius offers pre-built integrations with 100+ global banks including Bank of America, JP Morgan, CITI, Scotia, Wells Fargo, to name a few, to automatically receive and extract payment/remittance information from bank statements and checks. It can process 60+ currencies globally.

How does HighRadius Cash Application Software compare to alternative solutions?

HighRadius Cash Application Software utilizes AI and ML for Remittance Aggregation & Exception Handling, trained on $10.3 trillion financial data. AI-Remittance Capture extracts remittance info from Emails, Attachments & Checks and Exception Management predicts missing remittances.

How much IT involvement is needed to maintain a Cash Application Software?

The right Cash Application Software requires minimal IT involvement. With seamless plug-and-play integration into ERPs using real-time APIs and Hex (SFTP) connectors, along with pre-built modules and industry-specific best practices, customers can deploy remotely with ease, reducing all IT dependencies.

How does HighRadius Cash Application Software handle data security and privacy?

HighRadius Cash Application Software prioritizes data security and privacy, adhering to stringent industry standards such as GDPR, ISO, PCI DSS, HIPAA, and SOC. We use strong encryption and role-based access controls to protect your financial data, ensuring confidentiality and compliance.

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Schedule your 30 minute personalized demo for a live walkthrough of our Autonomous Finance capabilities.