TeamH1

Capture Payments, Capture Business with RemittanceAction

Made the Sale? It’s Time You Got Paid!

"Money Stuck in the Mail is a Missed Business Opportunity”

RemittanceAction

The longer a check is in the mail, the more delayed the incoming money or cash flows. But that’s not it! The biggest disadvantage for companies is missing out on any future business opportunities due to lack of timely investment funds.

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Eliminate Manual Data Entry

Reduce Processing & Rework Costs

Accelerate Mailroom Operations

Lower Chances of Lost Revenues or Business

Reduce Days Sales Outstanding (DSO)

Reduce Collections Disputes

Improve Cash Flows & Be Debt-Free

Prioritize Valued Customers & Service

Automated Payments Processing

Fortunately, technology is an enabler and Artsyl’s RemittanceAction is a doer. RemittanceAction transcends traditional banking lockbox operations to accelerate accounts receivable management and payments processing — automatically.

RemittanceAction shortens the time it takes for customer payments to be deposited to your business account, saving you the costs of manual effort and prolonged DSO.

With intelligent document processing of checks, remittance advice slips, proof of payments, and related receivables paperwork, RemittanceAction enables automatic remittance processing and sets your business up for best-in-class accounts receivable (A/R) management.

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How Artsyl Ensures You Get Paid On Time

RemittanceAction is an intelligent process automation solution built upon Artsyl’s proprietary digital transformation platform, the docAlpha for automatic remittance processing. The solution taps into docAlpha’s core transformation capabilities including AI, Machine Learning, Intelligent Data Capture, Robotic Process Automation (RPA), Business Process Automation, and advanced OCR/ICR/OMR technologies to implement straight-through processing of checks and related remittance documents.

Traditional remittance processing involved accounts receivable staff performing sorting and manual data entry of checks, remittance advice slips, receipts, etc. to an A/R system or database. The staff had to systematically match checks against outstanding invoices, including validating such information as customer details, amount, terms & conditions, if any, before proceeding to payments processing.

Artsyl’s intelligent process automation bots perform these tasks independently, as we’ll see below:

Multichannel Acquisition

remittance details, images, and related documentation are automatically captured via

  • Scanned Images – TIFF, PDF, JPEG, BMP, PNG
  • Email – POP3, LotusNotes
  • Fax
  • FTP/FTP-S
  • EDI
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Streamline Mailroom Operations
with RemittanceAction

Classification

incoming documents and images are automatically detached, sorted and classified; the system can distinguish between remittance advice slips and checks, between invoices and payment slips, etc.

Extraction

Machine Learning is the primary technology employed for data extraction, along with OCR/ICR/OMR engines. RemittanceAction’s intelligent data capture technology comes with Courtesy Amount Recognition (CAR) and Legal Amount Recognition (LAR) capabilities to recognize, read, and extract check details — in addition to reading MICR line details like bank code and account number at the bottom of checks and vouchers.

The legal amount is the money mentioned in words on a check whereas the courtesy amount refers to the numerical figure that the payee must receive. The CAR/LAR feature helps to automatically extract and transport check details into the Artsyl intelligent process automation workflows for the next stage of processing, saving you from having to manually key-in the details.

RemittanceAction’s image preprocessing capabilities help prepare check images for easy recognition and extraction. This results in a very high recognition confidence score for extracted images.

In the case of new check formats or templates, where RemittanceAction fails to read some of the fields and transport that data to fields in an A/R system, human intervention is needed to key-in the data.

Artsyl’s self-learning technology comes in handy at this point where the system learns from user actions performed to key-in missing data, and apply those for the next time it encounters a similarly formatted check. Self-learning lowers the dependence on manual intervention progressively, as RemiitanceAction builds up capture logic with every new check or advice slip. Payment-specific information is extracted from both the check images and remittance advice slips.

RemittanceAction’s process-specific intelligence and advanced capture automation for automatic payments processing is derived from

Generic, built-in capture and data extraction logic

Self-learning (machine learning knowledge) from user actions performed to key-in data from new documents (and)

Dedicated definitions for customized data extraction, derived from both generic as well as self-learning knowledge

With these capabilities, RemittanceAction performs intelligent document processing of diverse check formats including extracting payment data, check number, payor bank routing number, customer data, invoice number, etc. from checks and advice statements, and automating the collection of payments from multiple sources.

Automated Routing and Notification

extracted checks and advice slips are automatically routed at any stage of document processing, based on conditions set in Artsyl’s intelligent process automation workflows like seeking payment approvals from a verification manager, and so on. Notifications may also be set up using POP3 or Lotus Notes.

Validation

extracted data is then validated against known entities like invoice and customer details for a match. Data validation may also include

  • Matching CAR/LAR with amounts mentioned in the remittance advice slip
  • Matching check details against outstanding invoices in system databases
  • Confirming such things as invoice number, customer details, amount, terms & conditions, etc. against existing transaction records

Verification/Exception Handling

Should a payment require user involvement - payment verification can be easily addressed with Artsyl’s Verification client, which helps to guide users through the process. Self-learning or ‘Machine Learning’ may be employed here again to learn from a user’s action and apply that knowledge the next time a customer payment is processed, thus lowering exceptions over time.

Data Integration

  • Direct API level connectors to SAP Business One, Microsoft Dynamics GP and AX, ArchWeb, Acumatica, SYSPRO and QuickBooks
  • Data formatted releases to SAP, Sage MAS90/200, Infor, Epicor
  • Partner connectivity to Epicor/Prophet21, Infor/Lawson, Microsoft Dynamics NAV, Oracle Financials/JD Edwards, Sage MAS 300/500

Artsyl offers direct API-level connectors to SAP Business One, Microsoft 365, Acumatica Cloud ERP, NetSuite Cloud ERP, DocuWare database management system, and several other line-of-business applications.

With automatic remittance processing, RemittanceAction improves accounts receivable management and revenue generation for businesses.

Contact Us today and arrange for a product tour and demo.

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