Cash Allocation Cloud
HighRadius Cash Allocation Cloud is the most comprehensive solution available for automating cash allocation across all payment and remittance formats. Driven by Artificial Intelligence enabled remittance capture and payment-remittance linking, automated on-invoice hit rates of 95% are typical with the solution. A cloud-based solution available as Software-as-a-Service, Cash Allocation Cloud is easy and cost-effective to deploy and maintain.
HighRadius Cash Allocation Cloud enables end-to-end automation of the cash allocation process. Other solutions address single parts of the process but do not provide a comprehensive approach. Our solution is holistic and does not require complex and costly on-premise installation or capital expenditure. A powerful Artificial Intelligence enabled engine reads remittance, cleanses data and matches payments and remittance with invoices for posting cash. A unique data aggregation engine parses email attachments and web portals, eliminating manual capture of remittance data and deduction backup. Easy integration with any ERP system maintains user interaction with standard ERP cash posting. The result is drastically reduced operating costs, near-perfect on-invoice hit rates, and better audit compliance.
- AI-powered Remittance and Payment Aggregation-Aggregate payment and remittance details from a variety of sources and formats from customer portals, bank websites, FTP, emails and EDI files
- Email Aggregation that parses emails and attachments to process remittance information.
- EDI Aggregation for EDI 823, EDI 820, 812, bank BAI or BAI2 formats
- Web Aggregation that collects information from websites.
- Multiple OCR engines for high accuracy cheque remittance data capture
- Payment-Remittance Re-association –Automatic association of payment information with incoming remittance
- Intelligent A/R Matching–Intelligent matching to match payments to open invoices, identify and code short-payments and deductions and analyse cash discounts
- Deep ERP Integration–The syndication engine publishes ERP system specific files to update ERP open A/R information and is capable of working with both popular and legacy ERP system file formats
- Receivables Analytics –Out-of-the-box reporting dashboard to track key payment processing and cash allocation metrics
- Achieve a 95% + auto on-invoice hit rate.
- Auto-create deductions and capture deduction information such as claim number, reason-code, etc.
- Apply cash the same day the funds hit your bank.
- Free up 80% or more of your cash application analysts’ time and minimise keying-in errors.
- Zero footprint implementation with your ERP system requiring no on-premise hardware or customisation.
- Cloud-based architecture requires minimal or no IT involvement and eliminates costly and difficult upgrades.