SHOREVIEW, Minn.--(BUSINESS WIRE)--Deluxe Treasury Management Solutions today announced the latest addition to its receivables management suite of services by enhancing its receivables automation with new payment re-association technology.
A market leader with best-in-class lockbox, integrated receivables and remote deposit capture solutions, Deluxe Treasury Management Solutions can now offer financial institutions and corporate customers payment re-association capabilities to automate difficult invoice matching scenarios virtually eliminating exceptions from the process.
“Clients need ways to improve their payment and invoice matching solutions for all payment streams, particularly electronic,” explained Gary Cawthorne, vice president of Deluxe Treasury Management Solutions. “We’ve enhanced our receivables automation with new payment re-association technology to help our clients keep staffing costs down and dramatically save on processing time, even as their payments volume grows and the mix changes. Now, clients can improve their straight through processing rates by as much as 95 percent using our end-to-end payments solution.”
With most electronic payment systems, customers receive payments without remittance details and then must manually find the remittance detail in separate systems like email. This can waste valuable person-hours, delay cash application and result in errors.
The Deluxe Treasury Management Solutions team has been working closely with customers for decades, further enhancing and advancing receivables management capabilities, continuing the company’s best-of-breed strategy. This enhanced technology matches the payment with the invoice remittance details electronically using machine learning and sophisticated algorithms, resulting in greater straight-through processing rates and cost reductions. This end-to-end solution provides improved visibility across the payment lifecycle, giving clients faster access to cash while improving customer support across the board.
Deluxe Corporation announced the Deluxe Treasury Management Solutions brand on Oct. 12, 2017 as a holistic offering of products and services for customers. Since acquiring WAUSAU in 2014, Deluxe Treasury Management Solutions has been focused on deepening its capabilities and expertise in treasury management, adding FISC Financial Solutions, Data Support Systems and RDM Corporation to the offering portfolio.
“We are continually applying new technology to provide straight-through payment solutions, from start to finish,” Cawthorne said. “Adding payment re-association to our market leading receivables management technologies automates processing before items become exceptions.
“Adding the payment re-association is a critical function for our clients. Overall, we have improved our solutions to better meet our clients’ needs, all under one roof,” he said. “This addition cements our commitment to the treasury management and payments space.”
About Deluxe Corporation
Deluxe is a growth engine for small businesses and financial institutions. Nearly 4.4 million small business customers access Deluxe’s wide range of products and services, including customized checks and forms, as well as website development and hosting, email marketing, social media, search engine optimization and logo design. For our approximately 5,600 financial institution customers, Deluxe offers industry-leading programs in checks, fraud prevention, data driven marketing, treasury management solutions and digital engagement. Deluxe is also a leading provider of checks and accessories sold directly to consumers. For more information, visit us at www.deluxe.com, www.facebook.com/deluxecorp or www.twitter.com/deluxecorp.