Ebook

Reduce Lockbox Fees with Remittance Data Capture AI

Reducing Complexity of Cash Application in Europe with AI

Reducing the complexity of Cash Application in Europe is possible with AI.

Cash Application in Europe is significantly more complex than in the USA, especially for Shared Service Operations. This is because of multiple currencies & languages, integration with multiple ERPs & banks, variation in banking regulations across countries, accommodating multiple digital payments etc.

AI-powered digital assistants and document data capture methods like Gia Docs AI can perform 70 to 90% of the manual operations in Cash Application, generating exponential productivity. Businesses can reduce complexity of cash application in Europe with AI to achieve high auto-cash hit rates for exponential gains.

Download this eBook to understand how to:

  • Improve productivity in cash application in Europe
  • Cut down manual efforts by up to 90%
  • Quickly assimilate new business units into an SSO

A glimpse into this eBook

  • The European economy presents a number of unique challenges to achieving world-class performance in Cash Application.
  • Cash Application in Europe can benefit substantially from major advancements in AI Digital Technologies.

GiaDocs – Cognitive Data Capture/Intelligent Document Processing helps:

  • Eliminate manual extraction of remittance data entry and document handling
  • Extract all required data from remittance documents, files, vendor & customer portals, EDI transmissions, e-mails, etc.
  • Eliminate manual keypunch of remittance data into a file
  • There is a large opportunity for most companies to substantially improve the cost efficiency, timeliness, and accuracy of their European Cash Application function
  • It is achievable using Artificial Intelligence (AI) and IDP Automation and Analytics
  • AI Automation can perform 70 – 90% of manual operations in Cash Application
  • Companies can free up staff for higher-value tasks by automating cash application in Europe

Some of the key challenges to cash application automation in Europe include:

  • Payments in multiple currencies – managing foreign exchange differences
  • Remit Advice in multiple languages
  • Utilization of multiple banks located in many countries with local banking regulations and practices.
  • Accommodating newer Fintech Digital Payments (e.g., Square, PayPal, etc.)

Remit Advice received in a number of modes:

  • paper or scanned images
  • EDI
  • e-mail
  • downloads from customers’ vendor portals and your EIPP portal
  • bank files in various formats
  • Wide variance in how Remit information is displayed in customers’ Vendor Portals
  • Integration with multiple ERPs for most companies

AI-powered Digital Assistants like Emagia’s Gia help:

  • Eliminate manual application of payments to open invoices
  • Perform the receipt-to-invoice matching and clearing of open AR items
  • Eliminate manual deductions
  • Auto-identify short-pay (and over-pay) with reason codes, auto-generate deduction, and route it to the designated resolver through workflow

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