While electronic payments are seen as more efficient and less costly than their paper based counterparts, the adoption of electronic payments and remittances has been slow. Research shows that 67% of businesses receive B2B payments mainly as checks.
According to Aite Group, 60% of senior receivables and treasury managers surveyed are less than fully satisfied with their companies’ receivables and cash application processes. The culprit is the high percentage of paper checks and remittance documents organizations receive, resulting in expensive processes, posting delays, errors, customer disputes and a lack of cash flow visibility.
Automating the receivables process, using our ExpertRPS solution, is one way of solving these challenges.
- ExpertRPS uses multiple recognition engines to automatically identify incoming documents (even unstructured documents & forms) and electronically extract data from remittances and accompanying checks, thereby reducing labor costs and improving process efficiencies.
- ExpertRPS reduces errors and ensures data accuracy by verifying extracted data in real time against in-house customer/account databases and automatically balancing remittance totals to payments.
- As payments are processed, ExpertRPS updates back-end systems in real time ensuring employees across the organization interact with correct information.
- Our image archive solution indexes images of remittances and checks to make them instantly accessible for enhanced customer service and faster dispute resolution.
- ExpertRPS speeds cash application and deposit by creating ICL files for electronic deposit and automating posting of remittances to open invoices. This increases visibility into cash flow, customer balances and overall receivables.