When it comes to check payments and remittances, more and more companies are leaving paper checks behind and going digital to lower costs and boost process control. While going digital overcomes many of the process inefficiencies associated with paper checks and manual processes, there have been some thorny bottlenecks and complexities that companies have still had to sort out.
One of those issues has been how to deal with check payments with attached remittances, when remittances sources are NOT attached or associated with the check. When it comes to digital payments, remittances often arrive through a separate channel, either electronically as an email attachment, Web-downloaded document, or a physically mailed remittance. Regardless of how it arrives, the remittance has to be tracked, managed and matched to the associated check.
Often, this can mean that a digitized process still has a manual component that can slow down the process and introduce potential errors.
With recent studies suggesting that 85% of check payments are on the verge of being digitized, the problem only stands to get worse without a viable, automated solution.
By leveraging intelligent data capture technology and intelligence process automation platforms like Artsyl’s docAlpha, finance teams can create a single workflow to handle native digital payments along with digitized checks. As a result, both check-related information and remittance data can be analyzed, tracked, matched and managed automatically.
Artsyl’s new RemittanceAction application leverages the intelligent data capture, workflow routing and matching capabilities of the docAlpha platform, in a package that is pre-configured and designed for rapid deployment, without the need for custom coding.
By matching payment, remittance, and invoice information with a single application, companies can eliminate manual labor, reduce errors, and dramatically reduce costs.
To learn more about how to take advantage of RemittanceAction to go digital without delays, contact your Artsyl account representative.