Use our machine learning to match payment to remittance, resulting in greater straight-through processing rates and cost reductions.
OVERVIEW
FEATURES & BENEFITS
Using machine-learning and sophisticated algorithms, remittance matching can be faster, easier and more accurate with Deluxe.
Connect Remittance Matching with payments from your in-house or third-party lockboxes; ACH, wire and EDI transmissions; online bill pay services; credit card providers; and remote deposit capture.
The advanced artificial intelligence that powers Remittance Matching makes even same-day posting possible. Keep current with customers, dramatically reduce DSO and bring cash to your balance sheet faster.
Our customers report unrivaled efficiency and accuracy, with straight-through processing rates up to 95 percent.
Remittance Matching greatly improves productivity and helps you control your labor costs. Deploy staff for value-added work—not tedious data entry.
FACTS
According to NACHA, 6 out of 10 ACH transactions arrive separately from remittance details.
Our customers have improved straight-through processing rates up to 95%.
Our Remittance Matching offering has same day posting timeframes for ACH, card, EFT and check payments.
KEY BENEFITS
Remittance Matching works across all your payment types and channels. It compares your digital payments, remittance data in any format, and your company’s open receivables file. It even “reads” and extracts data from documents.
Machine learning technology not only speeds this process—faster than any human’s abilities—it continuously learns each company’s unique receivables scenarios. As a result, it gets smarter with every payment processed.
Remittance Matching is just one part of Deluxe Receivables, a cutting-edge solution that helps you automate cash applications across all your paper and digital payment types.
Easily pair Remittance Matching with our proven Integrated Receivables service to fuel even greater automation.
RECEIVABLES MANAGEMENT SOLUTIONS
Delight your customers with simple and secure digital invoicing and payment options.
This digital payment solution helps merchants get paid faster, eliminates manual entry and simplifies receivables management.
Get to know finances inside and out. With our Treasury Management capabilities, you can access rich analytics, impressive tools and our reliable expertise.
PAYMENTS SOLUTIONS
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RESOURCES
Remittance Matching, a component of Deluxe’s powerful Deluxe Receivables, is a straight-through-processing service that automatically matches incoming electronic and paper payments to open invoice remittance details from your accounts receivables (AR) processing system using machine learning and sophisticated algorithms.
Corporations have sought a way to improve their payment and invoice matching solutions for all payment streams, particularly for new electronic streams. Most importantly, they are in need of an end-to-end solution that matches remittance data to electronic payments. Today, corporations receive payments without remittance details and then must manually find the remittance detail in separate systems, such as email. This can waste valuable person-hours, delay cash application and result in errors.
Remittance Matching allows you to adopt new payment methods and support greater transaction volumes without adding headcount or managing a different process for each payment type. The advanced artificial intelligence that powers Remittance Matching even makes same-day posting possible. Keep current with customers, dramatically reduce DSO and bring cash to your balance sheet faster.
Straight-through processing (STP) is a rate calculated by looking at the amount of manual vs. automated steps within the accounts receivable process. A business with a 100% straight-through processing rate relies solely on an automated process without any manual intervention. The crucial reason to understand this rate is to follow up on the percentage that is not straight through. Your business can then identify the room for automation and improve those rates. Learn more about straight-through processing.
When using Remittance Matching as a stand-alone application or as part of the platform, customers report unrivaled efficiency, with straight-through processing rates up to 95%.
When examining a company’s AR process, Days Sales Outstanding (DSO) is calculated by counting the number of days between the issuing of the statement to the closing out of the statement. This time includes the date the statement was sent, the date the payment was received, the date the money was applied to the bank account and the final date when the statement was posted to the system. DSO fluctuates depending on the amount of automation vs. manual steps in the accounts receivable process. For example, if the cash application process is slow, it results in more time being added to your DSO, which is very important in terms of the ability to use your money.
Learn more about how to calculate DSO.
