Automate Data Feeds from Lockbox and Banks. Intelligent Matching and Recommendations.
Reduce Costs and Improve Efficiency on Cash Application
Emagia Cash Application enables organizations to improve cash application efficiency, reduce manual labor costs, and lower the time between payment and posting. Cash application automation allows automated processing of both bank and customer files with the receivables information to apply cash in a fast and effective manner. Emagia Cash Application allows users to receive remittance information directly from customers through EDI, Excel and PDF remittances and store the matching data until confirmation from the bank that the cash has been received. Using our matching algorithms, cash can be applied on multiple reference data types and organized into one of four categories: matched, partially matched, unmatched, or unidentified.
Automating Feeds from Lockbox and Banks
Cash application automation often requires input from different data sources. Cash application covers a variety of feeds including lockbox files, EDI files and other types of customer remittance information as well as bank statements. Cash can be applied across multiple customer numbers for the same payment. The matching algorithms match customers, payments, open invoices and other transactional information to create cash application files that can update the financial system and that need additional research.