PYMNTS

NOVEMBER 16, 2020

As part of the payment process, the Transcard A2A solution allows businesses to “exchange the rich remittance data that a supplier needs for touch-free cash application, and reconcile settled transactions,” the payments automation company said. 16) press release issued by the Chattanooga, Tenn.-based based company.

Accounts 69

Accounts Payment Solutions Payment APIs and Integration Remittance Data 69

PYMNTS

SEPTEMBER 29, 2020

“The research identifies that instant payments adoption can be particularly transformative in B2B payments, where value-added capabilities, including automation and additional remittance data enabled by ISO 20022 can be valuable in tackling complex accounts payable processes,” and announcement stated.

Instant Payments 129

Instant Payments B2B Innovation ISO 20022 129

PYMNTS

OCTOBER 26, 2018

In an earlier interview with PYMNTS, Ben Peters, chief operating officer at insurance payments solutions company VPay, said a lack of remittance data may be partially to blame for ACH’s lack of ubiquity. In corporate banking and payments, the challenges that arise can be vast. But even as regulators like the Fed in the U.S.,

Remittance Data 60

Remittance Data ACH Request for Information RTP 60

PYMNTS

OCTOBER 31, 2019

And while the lockbox continues to play an important role in AR and reconciliation, it no longer addresses the entire challenge as more electronic payments come in without remittance data. 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 43

Lockbox Remittance Data Checks RTP 43

PYMNTS

JANUARY 21, 2019

That might mean discovering a segment of vendors that are ripe for virtual card payments or integrated remittance data. Accelerating payments by adopting electronic payment tools can streamline the integration of remittance data, and provide deeper insights into other areas of the procure-to-pay process that are ripe for improvement.

B2B 75

B2B Remittance Data Payments Process 75

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 40

Faster Payments Same Day ACH ACH Remittance Data 40

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 51

Commercial Card Remittance Data Payments Reconciliation 51

PYMNTS

JANUARY 24, 2018

Third, the government is focusing on data enrichment and the ability to provide remittance data connected to the transaction; and finally, Australia is deploying a PayID system that enables recipients to use their phone number, Australian Business Number or email address to facilitate transfers.

Real Time Payments 49

Real Time Payments Cross-Border Payments Faster Payments Remittance Data 49

EBizCharge

JUNE 19, 2024

Cons Delayed receipt and processing: Delays in receiving and processing remittance advice can slow down the AR process, potentially impacting cash flow and financial planning.

Payer 52

Payer Reconciliation Correspondent Disputes 52

EBizCharge

MAY 31, 2024

What is remittance data? Remittance data is the detailed information accompanying a payment, indicating the purpose of the payment and instructing the recipient on how to apply it against outstanding invoices. Remittance data comes in many forms, such as checks, bank transfers, or electronic remittance formats.

Automation 52

Automation Remittance Data Correspondent Wire Transfer 52

PYMNTS

SEPTEMBER 21, 2016

The vast majority of companies (94 percent) said it is important that faster payments are also “smart,” with the ability to carry remittance data. It remains to be seen whether Same Day ACH will redirect the trend of paper check use back into decline.

Same Day ACH 76

Same Day ACH ACH Checks B2B 76

PYMNTS

DECEMBER 21, 2016

The Orlando Magic is also receiving invoices from its own suppliers and using Viewpost’s invoice management solution to send payments with included remittance data, the companies said.

B2B 50

B2B Remittance Data Payments Cash Management 50

PYMNTS

MAY 22, 2017

The tools aim to reduce paper in corporate finance operations, Wells explained, and nix manual remittance and data entry. Remittance advice matching automatically matches data from ACH and wire payments with remittance data sent by various channels, including paper mail, email and fax.

ACH 40

ACH Accounts Wires Wire 40

PYMNTS

JULY 1, 2019

Blockchain has potential to securely transmit remittance data along with payments in cross-border B2B transactions, enable companies to use smart contracts to enforce business agreements in B2B trade and mitigate the risk of fraud in supply chain transactions.

Cross-Border Payments 84

Cross-Border Payments Cross-Border Blockchain SWIFT 84

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 104

B2B Blockchain Real Time Gross Settlement (RTGS) Real Time Payments 104

PYMNTS

DECEMBER 24, 2020

Dental practices must also ensure that their AR systems are modern enough to quickly process the accompanying digital remittances data or they could be unable to fully realize the advantages of these electronic transfers. Updating these transactions requires effort from more than just insurance firms.

B2B 102

B2B Electronic Funds Transfer (EFT) Payments SWIFT 102

PYMNTS

NOVEMBER 17, 2020

Mastercard's account-to-account (A2A) capabilities within Track BPS have tackled that point of friction by standardizing remittance data formats, allowing buyers to know exactly what information to include in a transaction, and enabling suppliers to know what data they're going to be able to get out of it.

B2B 128

B2B Visa Cross-Border ACH 128

PYMNTS

NOVEMBER 5, 2018

The Clearing House and the Federal Reserve surveyed 381 corporate decision-makers about their use of wire payments, finding that corporates are demanding a more streamlined way to send and receive remittance data along with their wire transfers.

Small Business 68

Small Business Same Day ACH Wire Transfer NACHA 68

PYMNTS

NOVEMBER 27, 2019

It’s about understanding clients’ needs and problems, and helping to solve for that,” noted Halpin.

ISO 20022 117

ISO 20022 Cross-Border Payments ISOs Cross-Border 117

PYMNTS

FEBRUARY 26, 2020

As the world’s payment market infrastructures and their currencies complete their adoption of ISO 20022, they are reaping the benefits that interoperable and data-rich standard can offer.

ISO 20022 104

ISO 20022 ISOs SWIFT Cross-Border Payments 104

PYMNTS

SEPTEMBER 12, 2019

There are barriers to progress, though, with most businesses saying that a lack of standard remittance information is the biggest challenge to adoption of electronic payments information.

AFP 51

AFP Checks ISO 20022 Cross-Border 51

PYMNTS

SEPTEMBER 7, 2020

Mastercard in May launched its Track Business Payment Service , again with a focus on working capital optimization for both buyers and suppliers and added value through enhanced remittance data collection and automation. Summer Trips: Canceled.

Commercial Card 98

Commercial Card Push-to-Card Small Business Card Issuer 98

PYMNTS

AUGUST 15, 2019

NACHA also offers a tool to help firms send ISO 20022-approved remittances data for B2B payments. . SWIFT has been seeking to foster ISO 20022 adoption by providing a resource center about the standard, mapping solutions and validator tools to help businesses make the transition.

ISO 20022 58

ISO 20022 ISOs Interoperability Message Standards 58

PYMNTS

JULY 16, 2020

That’s particularly true once they become aware of the potential for early payments, often a favorable trade-off when accepting interchange fees, as well as the value of seamless remittance data capture into their own systems. Strengthening Cash Flow.

ACH 68

ACH Remittance Data Payments Strategy Payments Tools 68

PYMNTS

FEBRUARY 4, 2020

“There is an expectation that when there is some form of transaction between trading partners, usable data will also flow between them,” said Leavitt. Even the least sophisticated accounting systems have an ability to organize remittance data into usable information.

Commercial Card 61

Commercial Card Lockbox Reconciliation ACH 61

PYMNTS

OCTOBER 2, 2019

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.”. Vroozi Pay Eyes Vendor Relations.

Commercial Card 52

Commercial Card Innovation Payer B2B 52

PYMNTS

MARCH 3, 2020

The Outsourcing Decision. From onboarding to reconciliation, there is no shortage of opportunities for the buyer-supplier relationship to break down, and for vendors to actually lose money when they make a sale.

Accounts 74

Accounts Reconciliation Underwriting Credit Limit 74

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 67

Checks B2B Payment APIs and Integration Remote Deposit Capture 67

PYMNTS

JUNE 13, 2019

Popular use cases that have emerged in recent years include blockchain’s potential to securely transmit remittance data along with payments in cross-border B2B transactions, enable companies to use smart contracts to enforce business agreements in B2B trade and mitigate the risk of fraud in supply chain transactions.

Blockchain 73

Blockchain Distributed Ledger Technology (DLT) Participant Use Case 73

PYMNTS

JANUARY 25, 2019

Companies must not only integrate solutions that can connect to their customers’ operations (for instance, a B2B supplier could gain a competitive edge if they were able to automatically provide a customer with remittance data following payment), but work to ensure financial technologies are interconnected.

API 69

API Payment APIs and Integration Finance Facilitators 69

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 53

Faster Payments Commercial Card ACH Payments 53

PYMNTS

OCTOBER 23, 2017

While larger companies can use Electronic Data Interchanges, smaller businesses (SMBs) that lack the capacity and resources to integrate such a tool have trouble gaining remittance data and other information they need when they receive a payment.

B2B 45

B2B Payee ACH Payer 45

PYMNTS

AUGUST 3, 2017

Commercial cards, and virtual cards specifically, have their place in B2B transactions, Krishna said, thanks to their cash flow management advantages for buyers and suppliers, their security, and remittance data capabilities. We’re not trying to drive the vast majority of B2B payments on cards,” Krishna said.

Cash Management 43

Cash Management Commercial Card Push-to-Card B2B 43

PYMNTS

MARCH 28, 2017

Eliscu pointed to the rich remittance data that travels with a v-card transaction, along with the tokenization of a card number, that makes virtual cards as useful to a supplier as it is to a buyer. Virtual cards are something of great value to all constituencies,” the executive said.

Push-to-Card 51

Push-to-Card B2B Payments Commercial Card 51

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 42

Automation Accounts Payments Disputes 42

PYMNTS

JULY 27, 2017

Plus, the VP added, ACH payments don’t always come with remittance data. “A According to Young, contrary to popular belief, some virtual card offers are actually cheaper for corporate buyers to deploy than the cost of making an ACH payment. A lot of time suppliers call the buyer and say, ‘I just received a payment, what was it for?’”

ACH 40

ACH Payments Checks B2B 40

Fintech Labs Insights

OCTOBER 6, 2015

We’ll explain exactly how eChecks technology works, including the abilities to integrate remittance data as well as securely send thousands of payments at one time, and how you can easily leverage them in your application to send/receive payments without paying transaction fees.” ” Key takeaways.

Remittance Data 22

Remittance Data Checks Payment Solutions Security 22