The Curious Case of Electronic Remittance Processing 4 Obstacles to Overcome to Achieve >90% Straight Through Processing

Key Takeaways

Multiple remittance formats to be processed
Partial and truncated data in the remittances
No remittance available for payments
Redundant validation from the claims investigation process

Speakers

Elaine M. Nowak, Director, Product Management, HighRadius

About The Webinar

43% of the respondents in a survey by the Remittance Coalition said that among the top pain points of electronic remittance processing were missing data elements in the remittance file. The next biggest pain point, according to the survey, was the handling of multiple remittance formats, which lead to inefficiencies during payment processing.

From the results of the survey, it becomes clear that the benefits of electronic payments are easily overshadowed because processing them becomes a tedious affair.

In this webinar, we will analyze the inefficiencies that had been present in the cash application process at various organizations, and then share how they achieved >90% straight-through processing by automating cash application.

There’s no time like the present

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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.