What is an Integrated Receivables Solution?
Receivables payments are the life blood of most businesses. However, as more receivables payments move to electronic channels, businesses are mired in the complexity of matching email remittance information to banking reports, or logging into various portals to retrieve key remittance data. Banks can help their business customers simplify their receivables management by offering an Integrated Receivables solution.
Banks now have the unique ability to use technology to closely connect with their business customers. Offering simple solutions to complex business problems, like fragmentation of receivables payments, will transform your bank from a commodity transaction processor to a strategic partner businesses would fight to keep. As payments move to a real-time environment, it is imperative that banks build strong technical and business capabilities with their customers accounting systems for true straight through processing.
Clearingworks – Integrated Receivables connects to a number of banking core systems and account analysis systems. We use industry standard file or real time messages to connect for retrieving information and sending customer activity. In addition, SSO integration makes it simple to connect with your cash management or online business banking system.
The secret sauce behind our Integrated Receivables technology is the ability for the system to observe manual receivables processing and learn how to automate all or part of the cash application process. This technology reduces the amount of time required to on board new customers and reduces ongoing support costs as it automatically stays current with changing business processes. So as your customers grow and their business needs change Clearingworks – Integrated Receivables is always adapting to these changes.
How it Works
Banks offer the Clearingworks – Integrated Receivables solution to augment or replace their stand alone lockbox systems and ACH reporting. Extend existing Treasury Management systems by connecting Integrated Receivables, using real time integration and Single Sign On. Banks can also use traditional file-level interfaces for receiving data from ACH, Wire or Lockbox systems.
The real secret to success is the seamless integration between Clearingworks – Integrated Receivables, your customers accounts receivables system, and your bank’s payment and core systems. Actionable data is provided in real-time. In addition, Clearingworks – Integrated Receivables systems is fully brandable, to emphasize your bank’s relationship with each customer.
Our team of Integrated Receivables specialists provide sales training and implementation support to make it easy for you to add new business customers. We work closely with your brand manager to implement a user experience that reflects your unique product offering. Clearingworks is available as a hosted solution or can run on-premise at your bank’s data center.
Businesses structured to invoice their customers on a regular or one-time basis need Integrated Receivables. All payment and related remittance detail is assembled in a real time portal for easy access to all details. Payments are processed through a work flow engine, with business rules configured specifically for each biller. Businesses can reduce time spent posting receivable payments by 60- 80%.
As a bank you may not think about all the ways your business customers get paid. On average, businesses receive payments from their clients by seven different channels. These include:
- Mailed in checks
- ACH payments
- Credit, Debit and Purchasing Cards
- Biller Direct bill presentment and payments
- Purchase to Pay Automation provides like Ariba and Basware
Managing all these difference channels adds time and cost to receivables processing and cash application. In fact, studies show that email is the most common way Payors communicate remittance details and discounts taken when electronic payments are made. Clearingworks – Integrated Receivables solves this problem so payers can continue to use the payment method of their choice.
Clearingworks – Integrated Receivables reduced the amount of time spent applying receivable payments by 80% in the first month. This translated into real bottom line savings.
Clearingworks – Integrated Receivables portal helped our customer service representatives answer payment related questions in a matter of minutes, not days. With more than 500 representatives serving millions of customers, this means improved customer experience and significant cost reduction.
Smart matching invoices and bills to payments received speeds up the customer’s application of receipts
- Automatic learning of corrections, email matching and payment application processes improves accuracy and reduces manual effort
- Real time access to the entire receivables process enables better cash flow forecasting and optimizes cash assets
- Single consolidated system eliminates printing incoming emails, looking for the matching ACH or wire payments and manual posting
- Long-term archive of all payment activity simplifies compliance and enables valuable insights into business trends