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