Bectran, a B2B credit management SaaS platform, has announced the release of its enhanced Cash Application solution, which accommodates multiple data formats and financial data exchange APIs. This enhanced solution, complete with advanced automation capabilities and unparalleled accuracy in transactions matching, eliminates over 90% of existing corporate cash application costs, significantly improves the accuracy of corporate accounts receivable (AR) efforts and produces accurate and timely updates within customers’ accounts.
Bectran’s goal is to significantly lower the cost of credit operations while accelerating organisations’ order-to-cash cycles through the digitisation and automation of credit management tasks.
The features of the Cash Application solution include:
- Open API - Financial institutions provide payment data in different formats. These data formats include OFX, BAI1, BAI2 and a plethora of other textual formats. The Open API provides a data ingestion framework that allows data of any format to be processed and applied to clients’ AR records.
- Multi-criteria matching - Matching payment transaction receipts from bank records to customer invoices is the foundation of any cash application process. The Bectran system offers configurable multi-criteria matching, allowing users to define and apply unique rules to their payment transactions content. This capability allows the solution to match transactions accurately.
- Configurable automation rules - This functionality allows different levels of automation capability to address varying complexities in transaction-matching criteria. With this capability, companies can segment their payment transactions by levels of matching complexity and subsequently apply the preferred level of automation to those transactions.
- Intelligent recommendations - Due to data source errors, all payment transactions cannot be matched by simple comparison computations alone. Bectran uses a proprietary algorithm that weighs historical, contextual and other customer account data elements to recommend the best matches, even to complex payment transactions.
- Integrated credit, AR and collections management solution - The Cash Application system operates within the context of a seamlessly integrated credit, AR and collections management platform, leveraging the integrated architecture to update customers’ invoice statuses, synchronise AR records and update ERP system information, for every payment transaction.
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