LAWRENCEVILLE, N.J., (BUSINESS WIRE) -- Billtrust /zigman2/quotes/213487046/composite BTRS +1.41% , a B2B accounts receivable automation and integrated payments leader, announces the newest version of its machine learning-driven Cash Application solution. With digital payments, non-standard remittance information and the proliferation of accounts payable (AP) portals challenging today’s accounts receivable (AR) teams, Cash Application 10.0, leveraging Billtrust’s Business Payments Network (BPN), helps suppliers accelerate revenue recognition of digital payments with faster and more accurate reconciliation of non-standard remittance information.
Cash Application 10.0 offers a best-in-class integrated payments solution with straight-through processing, leveraging BPN’s proprietary digital lockbox to proactively retrieve and aggregate all electronic payments while standardizing decoupled remittance data from any source for 100% electronic remittance capture. The solution is powered by an unparalleled, custom machine learning model with confidence-based matching for higher levels of accuracy than other solutions, as it learns from a supplier’s unique ERP system, buyer invoice structure and user behavior. Proactively modeling from remittances and data, trends are identified earlier resulting in industry-leading match rates while allowing users to get through their worklist faster with fewer exceptions, speeding access to cash.
“After three years of continuous growth, Billtrust’s Cash Application has helped us seamlessly and easily manage customer payments with just a team of one,” said Randall Oden, Vice President of Finance, Thompson Machinery.
Billtrust Cash Application 10.0 now enables accounts receivable (AR) teams to:
-- Automate remittance collection through BPN’s connectivity to over 175 accounts payable (AP) portals, reducing manual cash application processing.
-- Deliver 100% electronic remittance extraction no matter how the payment is received – ACH, credit card or wire transfer – for faster and simpler cash application through the proprietary BPN digital lockbox.
-- Maximize straight-through processing with unparalleled machine learning models that automatically improve over time, eliminating the need for custom programming.
-- Recommend best possible matches with an intuitive user interface, enabling teams to process exceptions at twice the rate of other solutions.
-- Onboard quickly with an intuitive user interface allowing for one-day training time.
“Suppliers are often anxious about opening themselves up to electronic payments because a ‘digital payment’ to a buyer can be entirely manual for their AR team,” said Flint Lane, Billtrust Founder and CEO. “Cash Application 10.0 reduces the need for unnecessary manual processes and allows suppliers to go all in on automation and digitization without compromising productivity. Our solution is the only tool on the market to simplify complex customer payments by taking remittance data from disparate sources, across check, ACH, wire and credit cards, while standardizing it for easy and automated cash application. Billtrust Cash Application 10.0 uniquely accelerates digital payments by connecting with buyers where they do business.”
Billtrust /zigman2/quotes/213487046/composite BTRS +1.41% is a leading provider of cloud-based software and integrated payment processing solutions that simplify and automate B2B commerce. Accounts receivable is broken and relies on conventional processes that are outdated, inefficient, manual and largely paper based. Billtrust is at the forefront of the digital transformation of AR, providing mission-critical solutions that span credit decisioning and monitoring , online ordering , invoice delivery , payments and remittance capture , invoicing , cash application and collections . For more information, visit Billtrust.com .
This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company. These forward looking statements are subject to a number of risks and uncertainties, including those factors discussed in the Company’s filings with the SEC, including in the “Risk Factors'' and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties. There may be additional risks that the Company presently does not know or that they currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect the Company’s expectations, plans or forecasts of future events and views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
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