PAYMENT ALLOCATION AUTOMATION

PAYMENT ALLOCATION AUTOMATION

Our clients’ payments are received through BACS, debit card and cheques or by more recent payment methods via online banking, faster payments or Apple Pay. One of our clients used to experience errors such as misallocation and payments being held within an ever-growing suspense account.

By combining your banking data and validation keys with customers’ remittance criteria, we offer efficient matching with little manual intervention.

We helped our client to build a fixe receipt database, which enhanced in return the payment matching process through regular comparison to bank data and ledger balance.

At IBL, we use your existing system and technologies to develop a payment allocation automation saving cost of new machine learning implementation. When and if our client volume needs a more robust OCR technology we work closely with the team to identify the right solution for them, helping to boost customers’ satisfaction.

We have achieved over 95% of payments allocation once our solution is implemented and this accuracy level increases every day after.

Once we have developed the solution that works for our clients, they enjoy a stronger overall cashflow position and keep their customer happier.

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