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Straight-through reconciliation of remittances with SunGard’s GETPAID

The AvantGard 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. 

A key application within the suite is the Cash Application which offers online cash processing; operating in real-time with collections and dispute resolution which is one of the holy grail in collections. Users have been able to leverage existing data to increase hit rate and hit rate accuracy of automated remittance feeds.

Cash Application

The Cash Application, see process flow below, 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 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 manual inspection.

Cash Application Process Flow

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Benefits 

The GETPAID Cash Application goes a long way to solving many of the key challenges in remittance processing. The main benefits include:

  • improved hit rate & hit rate accuracy
  • increased productivity of order to cash process
  • reduced cash posting backlog
  • easy identification of deductions
  • enhanced internal & external customer service
  • ability to track and optimize rules effectiveness
  • business user configuration of rules rather than relying on the IT department.

CTMfile take: Corporates own/internal systems, such as GETPAID’s Cash Application, can offer a full solution bringing together all sorts of internal data and assessments as well as being able to “re-associate” the ERP invoice data with the payment. Most bank reconciliation services do not have all the necessary data to carryout a full remittance reconciliation.

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