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AI is coming. And it's revolutionizing payments and remittance.

One of the most strategic ways to make your organization more efficient is by reducing or eliminating manual processes. As Artificial Intelligence (AI) continues to evolve, tasks once thought impossible to automate are increasingly being done by our digital counterparts.

One such labor-intensive task that all companies deal with is matching payments with remittances. And while traditional lockbox models help reduce the work associated with check payments, electronic payments can actually create more work when they must be manually matched to payments before being posted. Until recently, there was no other way to do this but with human interaction.

But recent developments in, and applications of, AI are changing that reality. New solutions using embedded decision-making and machine learning can help significantly reduce the manual effort required for transaction processing, freeing up time for critical, high-value work.

Today’s AI for payments taps into your enterprise resource planning (ERP) system’s general ledger transaction data, historical bank statements and financial planning and analysis data to provide highly accurate cash flow forecasts across all operational and non-operational cash flow hierarchies. This results in more thorough and accurate information to make informed decisions, resolve disputes and forecast accurately. In essence, AI platforms give you more control over your processes and enable rich, data-backed insights, allowing you to take a step back, see the bigger picture and make changes to enhance outcomes.

These solutions are built on multiple machine learning algorithms that continuously study and provide insights on all possible A/R and treasury scenarios. Some use-cases include predicting invoice payment dates, validation of deductions, predicting customer default. They also have the ability to forecast cash flows with pinpoint accuracy right up to individual invoice level and across all cash flow categories.

CommercePayments™ Integrated Receivables is one such solution. Once your team has defined the parameters and configured priorities, this powerful solution automatically enables end-to-end service automation by electronically capturing remittance and processing directly from email attachments. Payments and remittance are automatically linked, without the need for human intervention, with payments reconciled directly into corporate account receivables. Deduction coding and management speed up short payment identification and resolution, while invoice presentment and payments further reduce the cost of doing business.

Bring revolutionary efficiency to your payments processes.

  • Rule formatting matches patterns and transforms data for invoice matching, deduction coding, and cash discount analysis
  • Integrated Receivables publishes a format specific to an ERP system so standard cash posting can be leveraged across payment types
  • Optical Character Recognition (OCR) engine automatically captures data from check remittances without templates or standard formats
  • Data Aggregation Engine performs EDI Aggregation
  • Web aggregation collects information from websites
  • Email aggregation parses emails and attachments to process remittance information

If you’re looking for a solution that automates payments in ways you never imagined, AI is the smart way to reduce manual workloads and increase productivity.

CommercePayments™ solutions are provided by Commerce Bank.



Also See:

How to automate your cash flow (and get paid faster).

How to use Same Day ACH for your business.