Lockbox and Remittance Data Extraction with AI

Lockbox and Remittance Data Extraction with AI

How to automate most of the data extraction required to apply cash to your customer accounts?

Cash Application has long depended on manual efforts to read and create a file of all the remittance advice provided by customers with their payments. Data extraction from lockboxes and remittances is cumbersome and very costly for global finance and treasury services.

AI-driven Document Data Capture Assistants can extract payment and remit information accurately from a wide range of formats and sources such as EDI transmissions, hard copy remit advices, vendor portals, Customer Care/EIPP portals, and from the new Digital payment methods (Stripe, PayPal, Square, etc.). The Digital Assistants reduce labor cost to very low levels, whether in-house or with lockbox fees.

This video will focus on:

  • Automate lockbox and remittance data with 90% and above accuracy levels
  • Improve remittance process efficiency and reduce lockbox fees
  • Achieve 90% and above straight through processing
  • Enhance customer service and improve accuracy levels
  • Assimilate new business units into a Shared Services Organization

Lockbox and Remittance Data Extraction with AI

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