Cash application is one of the most manual and low-value tasks in the A/R department. Teams manually reconcile remittance information from thousands of customers, in various formats, for posting cash. To automate this process organizations have turned to the AR Lockbox program and similar tools in combination with opting to outsource the manual remittance keying part to their banks which provide them Lockbox files. However, the data keyed in by the bank is incomplete and error-prone – thereby requiring additional manual effort for rectifying errors. Moreover, organizations end up paying banks a very high cost for this ineffective service.
In this webinar, we will review new advances in artificial intelligence technology and how it is now possible to automatically generate high-quality data to process through the standard Oracle AutoLockbox. This has enabled organizations to achieve upwards of 90% Lockbox Cash Application Hit-rate at a fraction of bank costs and save thousands of dollars every month.
HighRadius Cash Application Software enables the end-to-end automation of the cash application process that covers major benefits such as AI-enabled data capture for remittances, auto-linking of payments with open invoices, cost-cutting on lockbox fees and easy compatibility with any system due to its ERP-agnostic Saas infrastructure. Apart from the major benefits that it has, there are some key features which can not be missed out, some of them are Email Remittance capture, Discounts and Deductions Handling, Check Remittance Capture, Web Remittance Capture, Invoice Matching, and RDC & Mobile Payments.
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We have seen financial services costs decline by $2.5M while the volume, quality, and productivity increase.
Colleen Zdrojewski
Trusted By 800+ Global Businesses
HighRadius Corporation
2107 CityWest Blvd,
Suite 1100,
Houston, TX 77042
