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The program can be used for everything from intercompany transactions, accounts payable and receivable, travel and entertainment (T&E) reporting, bank clearing and lockbox to general ledger cash accounts. The Transaction Matching software goes hand-in-hand with OneStream’s existing Account Reconciliation.
As Biegel explained, a lack of data standardization across payment tools remains a challenge to the reconciliation and cash application process, even when that data is electronic. Lockbox Data Headaches. Yet payers include a vast array of information with their check payments, and lockbox providers relay that data in different ways.
Once reserved for only the largest and most sophisticated firms, automated enterprise resource planning (ERP) and accounting platforms are now accessible for even the smallest of businesses, and data from those systems is the new currency of operational efficiency. A Reconciliation Headache. According to Dean M.
“One of the many challenges faced by companies and corporations is the automation of the processing and application of payments,” he told PYMNTS. All too often, he said, bringing automated payments processes and reconciliation, as well as improved cash collections, are not viewed as offering significant enough returns on investment.
For receivables, Berdan noted that larger banks have done well with lockboxes as have smaller banks have with remote deposit capture (RDC). With electronic payments, a corporation might be left with a tedious reconciliation process. But those trends are on the decline, according to Berdan, as more payments become electronic.
Horicon Bank will now offer its corporate clients Remote Deposit Capture, online payments, single and recurring ACH payments, mobile payments, credit card payments and lockbox processing solutions powered by FTNI.
ACH transaction data standardization will also be important for reconciliation and reporting, said Thorness. In addition to its new cash application capabilities, accounts receivable technology provider Invoiced recently announced a virtual lockbox solution aimed to address the friction of paper checks.
While these technology firms may approach a business about a particular financial process that could be improved by electronic payables, for example reconciliation or fraud mitigation, this strategy takes a fragmented approach to encouraging digitization that fails to provide a bigger picture for a company, he said. “I
Changes will focus on automation and reducing manual tasks while also improving processing speed and security that will make banking with Santander simpler and more convenient. With an increased focus on mobile banking and investments in treasury products, the Bank will continue to expand its offerings in 2025.
Offering solutions that promote workflow automation from sourcing through to payment, reconciliation and accounting is not usually part of an FI’s product roadmap. When it comes to helping corporates manage their supply chains, traditional banks tend to focus on the financing aspect via trade finance, factoring or other such products.
The historically fragmented nature of disparate services and payment solutions, ranging from credit cards to ACH to mobile payments to lockbox and remote deposit capture is a driving force in corporate banking clients’ desire for truly integrated receivables solutions.
According to Reed, Deluxe’s lockbox services process $2 trillion worth of paper check payments every year, and there is no silver bullet to transitioning that volume to electronic payment method all at once. “It really minimizes the disruption.”
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