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Treasurymanagement software provider TreasuryXpress released an API in 2017 that uses ISO 20022 to convert system data in a treasurymanagement and enterprise resource planning platform into payments to prove compatibility. .
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 remittancedata sent by various channels, including paper mail, email and fax.
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 remittancedata. He did note, however, that he is “very optimistic” about the emergence of new payment services able to move remittancedata along with funds.
” Remittancedata, 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. .”
One of them is Deluxe Corporation, whose TreasuryManagement Solutions unit announced this week a new plug-and-play check scanner that allows users to more seamlessly begin scanning paper checks and integrating that information into back-end systems. s first new payment rail since ACH launched in 1974.
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