With this solution transaction banks solves reconciliation challenges by taking manual work out of matching remittance information with invoices. While money is received into a single physical account, incoming funds are also automatically allocated to individual virtual accounts or sub-ledgers. The solution promotes higher rates of straight-through reconciliation, reduced levels of ledger inaccuracies, improved visibility of payment data and enhanced decision making.
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Automated Receivables
By simplifying the processing of large volumes of customer invoices, automated receivables can significantly reduce the time accountants spend on collecting payments from customers.
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Head of Payments & Cash Management, Tietoevry Banking
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Improved reconciliation rates
Rationalising of bank accounts by virtual improves reconciliation processes both for payables and receivables and reduces the need for multiple bank accounts per currency.
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Trackable and transparent payment data
Incoming receipts can be hard to identify. A virtual account number per customer or even per invoice serves as a unique identifier in this case.
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Enhance incoming funds allocation
Improve operational efficiencies and levels of automation in incoming funds allocation processes.
Account Receivables factsheet
Download our latest factsheet on Account receivables to learn how automating the processing of customer invoices can significantly reduce the time accountants spend collecting payments.