Integrated Receivables is a powerful payments hub to consolidate all incoming receivables including electronic and paper-based transactions.
Integrated Receivables represents the concept of a receivables “hub”, allowing for the consolidation of all incoming payments. An Integrated Receivables solution amalgamates payments and remittance data from multiple sources such as Lockbox, Remote Capture, Wire, ACH, Cards, Cashiering, Web/Mobile – and merges them into one integrated payments file for output.
In addition to providing much-needed centralization of data, an Integrated Receivables solution also allows for the onboarding of additional payment channels as the need arises. This provides the opportunity to leverage shared points of connection to facilitate straight-through processing. Doing so will reduce reliance on labour-intensive manual processing and can accelerate the application of cash and the handling of exception items.
Integrating payment & remittance data from disparate sources removes the need to report on and aggregate data from multiple silos, instead allowing an organization to collect & analyze the information from the central hub. This allows for immediate visibility & direct access to historical and trending data to better inform the decision-making process.
- Consolidate receivables from multiple payment channels
- Leverage existing inputs and outputs
- Improve the time it takes to apply cash from multiple sources
- Automate exception processing
- Consolidate reporting and research across channels