PYMNTS

FEBRUARY 25, 2020

One of the biggest points of friction in B2B payments for both buyers and suppliers is capturing information about a transaction, and feeding that data into back-end systems for automated accounting and reconciliation. There’s nothing more valuable than remittance data. This is what businesses are asking for.

Remittance Data

Fintech Finance

JULY 10, 2024

These include increased security, robust controls, and real-time remittance data for more efficient reconciliation. As soon as the payment is initiated and validated, the MTA’s banking partner will issue a Mastercard virtual card to pay the healthcare provider directly.

Cross-Border

PYMNTS

NOVEMBER 27, 2019

Equally important to the ISO journey is the data richness it carries, versus some of the underlying legacy systems that are not as robust with information.”. That standardization supports recipients’ reconciliation hurdles, he added, meaning corporates can more quickly turn an incoming credit into applicable, working capital.

ISO 20022

EBizCharge

MAY 31, 2024

This mitigates the need for manual data entry or interpretation of remittance advice, allowing for a more accurate and expedient reconciliation process. What is remittance data? Remittance data comes in many forms, such as checks, bank transfers, or electronic remittance formats.

Automation

PYMNTS

FEBRUARY 4, 2020

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.

Commercial Card

PYMNTS

FEBRUARY 26, 2020

Fintainium Eyes Remittance For AR, AP. One of the biggest challenges in B2B payments today for both buyer and supplier is the need for transaction data for remittance, reconciliation and accounting. There’s nothing more valuable than remittance data. This is what businesses are asking for.

Accounts

PYMNTS

MARCH 3, 2020

Spear explained that in simple transactions, a high volume of low-value purchases often leads a buyer to providing a large lump sum for multiple invoices with limited remittance advice, creating friction for a supplier to understand how to apply that cash to which particular invoices. The Outsourcing Decision.

Accounts

PYMNTS

NOVEMBER 19, 2020

Through integration with enterprise resource planning (ERP), the A2A solution enables a more seamless B2B payment experience for both buyer and seller while both sides also gain access to rich remittance data, the company noted. Businesses Drive Australia's NPP Adoption.

B2B

PYMNTS

OCTOBER 26, 2018

With government and private sector-led initiatives pushing for faster, digital payments across the globe, corporates and financial institutions are still missing a key element of enhanced transactions: data. ” He’s not the first to bring up the issue of corporates and banks struggling to transmit information along with funds.

Remittance Data

PYMNTS

OCTOBER 1, 2019

The vendors, meanwhile, can have access to more detailed remittance data. JAGGAER ONE offers businesses a unified platform on which they can generate purchase orders, receive and process invoices, and initiate payments to suppliers.

Commercial Card

PYMNTS

OCTOBER 31, 2019

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 remittance data along with funds.

Lockbox

EBizCharge

JUNE 19, 2024

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.

Payer

PYMNTS

JUNE 29, 2018

” Remittance data, 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. .”

Faster Payments

PYMNTS

DECEMBER 20, 2018

Yet in reality, he said, remittance data – or lack thereof – can be just as big of a factor in suppliers’ decisions not to accept cards.

B2B

PYMNTS

OCTOBER 2, 2019

Discover Targets Reconciliation Data. While the announcement almost exclusively focuses on the integration’s benefits for corporate payers, the companies noted that their collaboration enables vendors to receive “more detailed remittance data.”. Below, PYMNTS looks at the latest in AP that does exactly that.

Commercial Card

PYMNTS

JUNE 22, 2016

. “The root of these inefficiencies is that businesses rely on paper for most of their orders and invoicing, and they receive customer remittance data in inconvenient formats, such as paper, email or fax, that must be rekeyed for reconciliation,” IOFM explained.

Automation

PYMNTS

DECEMBER 5, 2019

Particularly as enterprise digitization progresses, payment data will become ever more important to reconciliation and accounting, and as Leavitt explained, ACH and checks cannot always provide the volume and quality of remittance data that cards can.

Faster Payments

PYMNTS

MARCH 16, 2016

The main drivers behind CPA’s ISO 20022 initiative are to provide the Canadian financial community with enriched, robust remittance data, to enhance domestic and cross-border interoperability and to increase efficiency,” said Mark Brule, director of the CPA’s payments innovations operations.

ISO 20022

PYMNTS

APRIL 1, 2016

The parameters of a truly integrated system would dictate it be able to work across existing banking and merchant processor relationships and support the full transaction lifecycle – starting with payment acceptance and ending with posting remittance data into any back office system.

Remote Deposit Capture

PYMNTS

JULY 21, 2017

“A lot of suppliers say they like the feel of the paper in their hand, they like to get the physical remittance data attached to that check — even though you can still get that data in other ways, including with ACH,” Martin explained. “But a lot of suppliers are what we consider old school. .

Checks

PYMNTS

MAY 7, 2020

Remittance data is one of the strongest factors driving suppliers’ continued preference for checks, Reed explained, so any technology that aims to digitize payment cannot afford to ignore its importance. But addressing payee needs is just as critical to easing the digital migration.

Checks