BROOKFIELD, Wis.–Fiserv and DadeSystems have announced they will collaborate to provide financial institutions the capabilities and confidence needed to automate accounts receivables processing for businesses, with Fiserv serving as a connection point through which institutions can access DadePay AR Automation as a software-as-a-service (SaaS) solution.
Financial institutions can offer the solution as a standalone service or as a complement to the commercial banking suite from Fiserv, helping businesses lower total accounts receivable costs and improve accuracy, the company said.
“Businesses spend too much time manually posting payments to invoices—a process prone to error and costly in terms of time and resources,” said John Dangoia, vice president of product management, Payments Management Solutions, Fiserv. “By offering DadePay AR Automation, we empower financial institutions to further enrich customer relationships by reducing the need for businesses to manually enter payments into their accounts receivable systems.”
What Research Has Found
Fiserv pointed to independent research and advisory firm Aite Group that found that most banks are no longer thinking about receivables products in silos, but rather as part of a larger integrated strategy. The firm surveyed 21 of the 70 largest U.S. banks as part of a proprietary research study, which focused on their current and near future integrated receivables strategy. According to one respondent, “While RDC [remote deposit capture] helps drive additional deposits, integrated receivables will ultimately drive primary operating deposits, not RDC or any channel alone.”
The companies said the proprietary artificial intelligence (AI) algorithms used by DadePay AR Automation lower overall processing costs with ‘straight thru’ processing rates that are among the highest in the industry. The algorithms work together with advanced optical character recognition technology, machine learning, and proven automated processes to accelerate payment processing speeds, increase operational efficiency, eliminate unnecessary fees, and dramatically improve cash collection.
Other Offerings
In addition to high automation rates and accuracy, DadePay AR Automation provides a single, enterprise-wide archive of integrated receivables for all types of payments and remittances from any channel. This long-term archive uses modern and user intuitive methods for research and data mining, the companies said.