Cash Application Management

Unbundled Payment Remittance Processing Software

AI-powered remittance processing software matches remittances received separately from payments. Automate the remittance processing system, reduce manual intervention for unmatched payments, boost accuracy by 100%, and increase team efficiency by 40%.

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Remittance Processing Software Features

AI-based E-Mail Remittance Capture

Decoupled Payment Remittance Linking

Algorithms to identify the right remittance for each payment received, even when received several days apart.

AI-based E-Mail Remittance Capture

Invoice Matching Algorithms

Pre-built algorithms to match invoices to full and partial remittance information through 25+ parameters, including invoice#, PO#, and others.

AI-based E-Mail Remittance Capture

Customer Identification Algorithms

Pre-built algorithms to identify customers paying through methods like bank account/routing information, international bank account number, payer names, and others.

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Remittance Processing Solution FAQs

How does the Unbundled Payment Remittance Processing Software handle remittances received separately from payments?

The software matches remittances received through various sources, like emails, portals, and check images, with their corresponding payments. It uses AI-driven algorithms to link payments and remittances, even if they arrive separately.

What types of remittance formats are supported by the software?

The software supports multiple remittance formats, including PDFs, Excel sheets, email bodies, attachments, and even images from checks. This flexibility ensures that remittances from various sources are captured and processed efficiently.

How does the software ensure accurate payment matching when remittance details are missing?

When remittance details are incomplete or missing, the software utilizes AI-based exception management tools to suggest possible matches. It also sends automated follow-ups to customers requesting missing remittance information, helping ensure accurate payment matching.

How does Unbundled Payment Remittance Processing improve efficiency in cash application?

By automatically capturing and matching remittance details from multiple sources, the software drastically reduces manual work. It speeds up payment posting, improves accuracy, and ensures faster reconciliation, freeing your team to focus on higher-value tasks.

What security measures are in place to handle sensitive payment and remittance data?

The software employs encryption protocols and access control features to ensure that sensitive payment and remittance information is securely processed and stored. This helps meet compliance and data security standards.

How does the software manage remittances captured from multiple banks and payment sources?

The software integrates with over 75 global banks and supports formats like BAI2, EDI, and MT940 to capture remittance information from various payment sources. It ensures seamless processing and posting of payments across multiple systems.