Quadient adds new Cash Application Module to AR automation solution
By Gloria Methri
France-based Quadient has announced the global availability of a new Advanced Cash Application module for its Intelligent Communication Automation SaaS platform, to offer mid-market and enterprise customers an end-to-end Accounts Receivable (AR) automation solution.
Cash application is a crucial component of the invoice-to-cash process, and the recent shift to digital payments has added complexity for businesses of all sizes. Quadient’s new Advanced Cash Application module brings additional services powered by artificial intelligence and machine learning that enable financial teams to improve efficiency.
Quadient Accounts Receivable by YayPay now offers capabilities ranging from credit and collections management, payments, dispute management, business intelligence and analytics, invoicing, multichannel electronic and print delivery, and cash application.
“At Quadient, we integrate artificial intelligence innovation to expand our offerings with more automated and enriched services,” said Chris Hartigan, Chief Solution Officer, Intelligent Communication Automation at Quadient. “The new module reduces the risk of manual errors and lowers days sales outstanding (DSO), helping us address the requirements from our growing customer base and handle more use cases in a broader array of industries.”
The new Advanced Cash Application module eliminates manual tasks for financial teams, such as applying incoming payments to customers and invoices and re-keying payments received from the bank.
In instances where a payment has been received but the customer has not been identified, the software’s machine learning engine will automatically consider data to provide a suggested customer. At that point, the AR team can review the transaction for easy and trustworthy cash matching and approve it, removing it from payment reminder workflows to avoid overcommunication and thus improve customer relations.
Since the acquisition of FinTechs YayPay and Beanworks in 2020 and 2021, Quadient has invested to adapt these solutions to new markets and added advanced features to further enable financial teams globally.
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