Business-to-business (B2B) accounts receivable (AR) automation and integrated payments company Billtrust unveiled version 10.0 of its machine learning-driven Cash Application solution on Thursday (Feb. 17), which leverages Billtrust’s Business Payments Network (BPN).
Cash Application 10.0 “helps suppliers accelerate revenue recognition of digital payments with faster and more accurate reconciliation of non-standard remittance information,” according to the joint press release.
It uses BPN’s proprietary digital lockbox to “retrieve and aggregate all electronic payments while standardizing decoupled remittance data from any source for 100% electronic remittance capture” using a custom machine learning model with confidence-based matching.
The application learns from a supplier’s enterprise resource planning (ERP) system, buyer invoice structure and user behavior, and uses remittances and data to identify trends earlier, allowing users to get through their work list faster.
“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,” Flint Lane, Billtrust founder and CEO, said in the release.
“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,” Lane continued. “Billtrust Cash Application 10.0 uniquely accelerates digital payments by connecting with buyers where they do business.”
Earlier this week, Billtrust acquired Netherlands-based B2B financial software platform Order2Cash, giving the company a stronger global presence and ability to expand its BPN.
Related: Billtrust Acquires European B2B Financial Software Provider Order2Cash
Terms of the deal were not disclosed, but this is Billtrust’s second acquisition within six months, following an October deal to add iController.
BPN delivers invoices to more than 170 accounts payable (AP) portals across an open network that supports buyers and suppliers, allowing both AP and AR platforms to exchange invoices, payments and remittance data.
Last month, Billtrust announced it surpassed $1 billion in supplier invoices delivered to AP portals in 2021, saying it was the company’s largest single-year total — and a 58% increase over 2020.
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