Integrated Receivables Platform For Banks

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 customer-specific receivables processing engines capable of delivering on-invoice hit rates of more than 95%, Cash Allocation Cloud enables your customers to significantly eliminate manual work associated with cash application and payment processing. A cloud-based solution available as Software-as-a-Service, Cash Allocation Cloud is easy and cost-effective to deploy and maintain.

Cash Allocation Cloud

HighRadius Cash Allocation Cloud enables end-to-end automation of the cash allocation process. The cloud-based solution does not require complex and costly on-premise installation or capital expenditure. Artificial Intelligence-enabled engines are able to capture remittance information from checks, emails, attachments, customer websites and EDI files and link it to the payment, while the A/R matching engine reconciles payments with open receivables. Easy integration with any ERP system ensures a uniform user experience with standard ERP cash posting. The result is drastically reduced operating costs, near-perfect on-invoice hit rates, and better audit compliance.

Features

  • 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 to parse emails and attachments for processing 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
  • Remittance Archive – Perpetual repository with high-fidelity search and indexing of all remittance information across all sources
  • Receivables Analytics – Out-of-the-box reporting dashboard to track key payment processing metrics

Benefits

  • Achieve up to 95% straight-through payment processing across cheque and global electronic payment formats including BACS, CHAPS, Faster Payments, SEPA, SWIFT, ACH, etc.
  • Automate capture of remittance across all remittance sources including emails, attachments, EDI/MT940 files, cheque stubs and customer websites
  • Apply cash the same day the funds hit your bank
  • Expedite deduction resolution by auto-creating deductions and capturing deduction information
  • Free up 80% or more of your cash allocation analysts’ time and minimise cash posting errors
  • Ensure a seamless user experience with direct cash posting integration through standard ERP cash posting applications
  • Deploy without any ERP software or on-premise hardware customization in a zero-footprint implementation
INTEGRATED RECEIVABLES PLATFORM FOR BANKS : SOLUTIONS
Payments Hub

The HighRadius Payments Hub enables banks to offer a single platform for enterprise clients to achieve a holistic view of all incoming receivables including all Read More...

Enterprise EIPP

Enabled by the RadiusOneTM Supplier-Buyer Network, HighRadius Electronic Invoice Presentment and Payment (EIPP) Cloud enables suppliers and buyers to collaborate on invoicing and payments over Read More...

Consumer E-Lockbox

The HighRadius Consumer E-Lockbox enables banks to offer straight-through consumer bill payment consolidation and reconciliation services to their clients by automatically interfacing between clients and Read More...

Save Time and Money on Order-to-Cash Operations
Schedule a Call According to Your Availability