Automated Receivables

With this solution transaction banks solves reconciliation challenges by taking manual work out of matching remittance information with invoices. While money is received into a single physical account, incoming funds are also automatically allocated to individual virtual accounts or sub-ledgers. The solution promotes higher rates of straight-through reconciliation, reduced levels of ledger inaccuracies, improved visibility of payment data and enhanced decision making.

Improved reconciliation rates

Rationalising of bank accounts by virtual improves reconciliation processes both for payables and receivables and reduces the need for multiple bank accounts per currency.

Trackable and transparent payment data

Incoming receipts can be hard to identify. A virtual account number per customer or even per invoice serves as a unique identifier in this case.

Enhance incoming funds allocation

Improve operational efficiencies and levels of automation in incoming funds allocation processes.