Integrated Receivable solutions are designed to remove the complexity businesses face because of the numerous ways their customers choose to pay. In the past, systems that attempted to consolidate payments from various payment channels have stumbled over the massive amounts of configuration or custom coding that had to be performed before payments could be processed. This model for product and technology delivery is not sustainable for the long term. It is not practical, or economical, to spend months setting up a system only to have it fall apart as payment methods change and evolve.
Our experience processing billions of remittance payments each year for banks and the businesses they serve provided the data needed to transform traditional treasury management solutions into Intelligent Learning systems. Integrated Receivables Solutions must support various cash application models, including account, invoice and line item detail. As new payments and remittance notices come in from various sources, our technology learns from human and machine behavior to continuously improve and automate the cash application process.
It’s likely you have already experienced this kind of smart technology if you have a Nest Thermostat at home or have used the Waze app to navigate through rush hour traffic. However, banks have not been on the forefront of deploying this technology for their Treasury Management systems. We see modern Intelligent Learning technology as the breakthrough needed to deliver Integrated Receivables without the tedious configuration or numerous exceptions. Businesses will no longer have to sift through their inboxes, print emails, and run bank reports in order to find the corresponding ACH or wire payment. Our Intelligent Learning system does it for you.
We are always looking for feedback on our solutions and invite you to experience our Clearingworks – Integrated Receivables with Intelligent Learning first hand.