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As payments giants like Visa and Mastercard shift the innovation spotlight onto B2B transactions, developers of new accounts payable solutions are ushering in a growing trend: designing payment tools not just for the payer, but for the B2B supplier as well. Discover Targets ReconciliationData. Vroozi Pay Eyes Vendor Relations.
Remittance advice is critical in financial management for any AR team. Its importance is grounded in several crucial functions: it ensures that payments are accounted for correctly, simplifies the reconciliation process, and helps maintain a precise and updated receivable balance in the company’s ledger.
It’s great to get a check, or wire, or ACH, but if you don’t know what it’s to be applied to, you have a huge cash application and reconciliation challenge.”. He did note, however, that he is “very optimistic” about the emergence of new payment services able to move remittancedata along with funds. The Path to Integration.
” Remittancedata, linked to payments between providers and insurance players, is critical on both ends of the transaction. ” In verticals like healthcare, claim data can be dozens of pages long and, at present, the market struggles with transmitting that information efficiently whenever payments are made. .”
.” Virtual checks and application programming interface (API) infrastructures enable seamless integration of electronic disbursement workflows within the rest of the back office to ensure that payment initiation retains the “look and feel” of a paper check payment for the payer.
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