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That’s particularly true in accounts receivable (AR), with B2B suppliers not only needing money to flow in from their buyers, but high-quality transaction data for reconciliation, reporting and analytics. A Reconciliation Headache. The thirst for data among businesses is reaching levels we’ve just never seen before.”.
More and more, B2B paymentsolutions are focusing less on single end-points of friction, and more on the overall picture of how money (and data) moves from one business to another. Fintainium Eyes Remittance For AR, AP. There’s nothing more valuable than remittancedata.
JAGGAER ONE offers businesses a unified platform on which they can generate purchase orders, receive and process invoices, and initiate payments to suppliers. The vendors, meanwhile, can have access to more detailed remittancedata.
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. In corporate banking and payments, the challenges that arise can be vast. But even as regulators like the Fed in the U.S.,
Today, emerging accounts payable (AP) solutions that wield payment tools, including commercial cards and more, are beginning to design solutions with the vendor in mind. Discover Targets ReconciliationData. Boost PaymentSolutions Expands Globally. Vroozi Pay Eyes Vendor Relations.
But the tool’s ability to accept data along with a payment (i.e., the ability to not only receive a check payment, but know what invoice that check is for), is a functionality with which many electronic paymentsolutions today continue to struggle. In a macro sense in accounts receivable, it’s this same challenge.
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.
In particular, a heavy volume of both B2C payments (consumers paying premiums to insurance companies, as well as insurance companies sending claim payouts to individuals) and B2B payments (insurance companies paying service providers) pave the way to a complex mix of payment rails.
The latest evolution of commercial card technology, however, aims to position cards as a digital tool for accounts payable teams to make supplier payments. For Boost PaymentSolutions, that means integrating its Dynamic Boost capabilities, which allow a vendor to only accept card payments if they are made within agreed-upon terms.
For banks, according to an e-book by payments processing firm FTNI, receivables management is a constant juggling act across corporate customers, and their own internal daily ebb and flow of cash flow. Innovation, said FTNI, is key, but the right type of innovation is even more important.
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