CHICAGO--(BUSINESS WIRE)--TransCentra, celebrating its 30th anniversary as one of the largest and most trusted billing and payments providers in the U.S., announced today at the IOFM Order-to-Cash Summit the launch of the company’s Integrated Receivables module that handles all forms of payments from multiple channels for Business-to-Business (B2B) and Business to Consumer (B2C) transactions.
The module is based on TransCentra’s market-leading remittance platform that is currently used to process nearly 2 billion transactions per year. TransCentra’s Integrated Receivables is designed to automate accounts receivable transaction processing by maximizing the posting of transactions without operator intervention and minimizing ongoing exceptions.
“As the number and types of payment channels has grown, the actual payment transaction is often disjointed from the associated accounts receivable posting information,” said Todd Shiver, executive vice president, sales and marketing. “For example, the check only payment may come into the lockbox or via a wire and be processed for deposit, while the actual posting information is received via a third party at a later time, and through a different channel. Our Integrated Receivables module stores the data received through the various channels and then applies a series of functional modules to reconcile the payment information to the posting information.”
The module then automates and streamlines receivables processing from matching, posting, and clearing to archiving. The module enables organizations to apply consistent business rules across payment channels monitoring workflow in real-time, automating exception handling, ensuring regulatory compliance, improving fraud detection, and linking remittance data to payments. The result is significant reduction in processing costs and an increase in the accuracy and timeliness of posting remittance transactions.
Finally, the Integrated Receivables module delivers one standardized data stream to accelerate the application of cash and provides a near real-time dashboard view into daily payment status across payment types. The solution helps reduce days sales outstanding (DSO) as a result of straight-through processing and the elimination of labor intensive processing for each payment channel.
Shiver continued, “The consolidated view of receivables creates numerous efficiencies, including better exception management and enhanced information to understand receivable flows and delays. The module also helps improve the management of working capital, which has become an area of focus for many organizations given the current market conditions.”
TransCentra’s Integrated Receivables provides straight-through processing. Dynamic statuses are available via a reporting dashboard that optimizes transaction processing and provides management insight into key performance indicators (e.g., daily remittance posting results).
As one of the largest and most trusted billing and payments providers in the U.S., TransCentra has earned the name, the Billing & Payments Authority. For over 30 years, we have built expertise by working with many of the most recognized brands in the country. We proudly bring our knowledge directly to our clients to help them improve operational efficiency, accelerate cash flow, and strengthen the customer experience.
TransCentra provides technology and services that increase performance across the entire revenue cycle. With a strong commitment to the industry, we continuously develop new ways to support multiple channels, manage increasing regulations, and meet changing customer demands. Let us simplify your complex billing and payment processes, so you can focus on what matters most to you. For more information, visit www.transcentra.com.