WAUSAU Financial Systems’ Receivables360 solution seeks to address the electronic business-to-business payments barriers such as use of electronic alternatives to paper cheques and remittance advices, faced by several corporations.
Recently, the Remittance Coalition found that while more than 90% of company respondents wish to increase their use of electronic payments, 65% percent still accept payments mostly by cheque.
Remittance Coalition is a Federal Reserve Bank (FRB) of Minneapolis-led group of organisations and individuals to promote electronic business-to-business payments and electronic remittance data exchanges.
Designed to automatically reduce the number of exceptions, Receivables360 solution combines the payment and the separate remittance data to enable fast processing of exceptions.
WAUSAU Financial Systems CEO Gary Cawthorne said, "Payment exceptions have always existed in the paper world. In the electronic world they are far more difficult to deal with.
"Nearly all corporations want electronic payments in their environment because they receive their money faster, but they’re finding they’re spending more time dealing with payments exceptions than they ever did before. Our technology serves to solve this industry headache, helping corporations reduce time spent handling payments exceptions."
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WAUSAU Financial Systems solution management and development executive vice president Kathy Strasser added, "The secret to solving this problem is all about mastering your receivables.
"To overcome the hurdle of payment association, corporations need the ability to integrate not only their payments, but the information about their payments in order to see a full 360-degree view."