With FIS' GETPAID, Access The Very Best of Cash Application.
The FIS Receivables GETPAID solution offers companies an integrated suite of order-to-cash management software with the unique ability to integrate cash pre-processing and application with collections, dispute resolution, credit risk management and electronic invoice payment. Indeed, within the GETPAID solution, the cash application component leverages Artificial Intelligence and Accelerated Machine Learning to improve first pass hit rates immediately.
By using an integrated cash pre-processing solution, companies can leverage existing data to increase hit rate and hit rate accuracy of automated remittance feeds. The cash application component can also be used as a stand-alone cash pre-processor in conjunction with ERP cash application processing to perform matching rules not available with the ERP system, reduce error, decrease manual processing and help avoid misapplied payments.
Highly Sophisticated Re-Association of Receipts And Remittance Details
The cash application component accepts receipt information from multiple sources such as BAI formatted lock box files, ACH files and MT940 Bank Statements. The system then accepts remittance details from lockbox files, EDI 820/812 remittance files, or customer web sites and “re-associates” the receipt with the remittance. After this automated step, the powerful rules engine is engaged for matching with the application of tolerance write-offs by reason code, automatically coding and routing of disputes or for placement in an exception queue for
- Operate in real-time with collections/deductions module
- Single Interface to multiple A/R systems
- Business unit and customer level configuration
- Re-associate receipts with EDI remittances
- Upload remittance advice in any format
- Line item-level processing / posting
- Automatically create and code deductions
- Reason code-level write-off tolerances
- Track earned & unearned discounts
- Automatically update MICR table
- Web-based access & processing
Expedite Manual Processing With Interface For Cash Appliers
Matching policies can be extensive and stringent and sometimes a match may miss the mark by a slim margin. In these cases, the receipt will not be fully applied and the results of the unmatched items will be “suggested” in an exception queue based on your company’s unique philosophy of remittance matching. The exception queue holds invoices that were identified as potential matches but did not meet the criteria established for a definite match. The unique self-learning functionality also works to ensure that MICR / customer links are automatically created once a receipt is applied from the exception queue.
Reduce Revenue Leakage By Automatically Detecting Deductions
Deductions are often first detected during the cash application process. FIS capitalizes on this by integrating cash application with deduction management to minimize revenue leakage by immediately assigning ownership and evaluating the validity of the deduction.
Using configurable rules, the solution automatically detects and assigns ownership of deductions or adjustments taken, based on customer, business unit or deduction reason. An unlimited number of cash application polices can be setup within GETPAID. Matching policies, discount and write-off tolerances can be created for each customer, group of customers, or for a specific business unit. The solution tracks match rates of each batch and present a detailed analysis of the effectiveness of the configured matching rules. This allows companies to optimize algorithms for hit rate accuracy and decreased manual processing
Improve Hit Rates With Comprehensive Remittance Matching Policies
GETPAID’s unique match threshold approach allows companies to develop and embed policy to dictate how the system evaluates and applies remittance data. The rules engine uses the policies to determine the most appropriate match, comparing remittance data to outstanding invoices and data gathered from collections processing. An unlimited number of cash application polices can be setup. Matching policies, discount and write-off tolerances can be created for each customer, group of customers, or for a specific business unit. The solution tracks match rates of each batch and present a detailed analysis of the effectiveness of the configured matching rules. This allows companies to optimize algorithms for hit rate accuracy and decreased manual processing.
Discover FIS’ Cash Application Ecosystem HERE
Amalto Field to Finance
Reduce your payment cycle, lower costs and get paid faster. Learn how the first-ever integrated field ticket to invoice solution by Amalto turns jobs into revenue more quickly.Play Video