Brainware Intelligent Capture for Remittance lets you reconcile remittances in seconds instead of hours or days. It accomplishes this by capturing unstructured and semi-structured content from checks and their accompanying remittance documents. Its ability to enable hands-free reconciliation against internal invoice data also is responsible for this accomplishment. Whether you process the materials in-house or through a lockbox service, Brainware for Remittance creates new efficiencies in the remittance posting process that save you time and money while enhancing customer service.
The Problems
Productivity bottlenecks can be problematic for many organizations. Staff must handle time-intensive manual data entry and reconciliation efforts. Even when a lockbox service is in place to handle the initial keying, it can become complex. For example, in-house staff must take the time to manually reconcile payment information with invoices. Additionally, reduced remittance data accuracy can be an obstacle for many as manual processes invite errors. As a result, you may have to take days to track down a remittance in order to resolve it because it was incorrectly keyed. Increased costs can also hold back organizations. For example, slow processing leads to missed discounts, late payment fees and missed dispute deadlines. Finally, a lack of visibility into remittances that you’ve received but haven’t yet processed is problematic. It may be frustrating to both your customers and suppliers, and even limit your organization’s decision-making abilities.
Benefits
Many benefits come along with implementing Brainware Intelligent Capture for Remittance. Firstly, with Brainware, you can facilitate straight-through processing even when payers combine their invoices while submitting payments. Secondly, you can improve remittance data accuracy by eliminating errors inherent to manual entry. Simultaneously, you can automatically validate the extracted data with internal invoice information. Thirdly, with Brainware, you can accelerate cash flow by expediting data transfer to your financial system with fewer touch points. As a result, this allows faster fund deposits.
