Digital business solutions provider Top Image Systems announced a global partnership with independent B2B software firm Hanse Orga to automate payments within accounts receivable, often a point of significant friction.
According to reports, TIS and Hanse Orga are teaming up to offer capture-enabled AR payment processing, as well as other AR solutions. The payment solution eliminates the often complex process of remittance processing, which the companies say are often sent in various forms including e-mail and PDF, over various channels.
So far, the services have been implemented with a US automotive parts suppliers, and the firms say they are in the process of launching the solution with four other companies around the globe, all in different phases of deployment.
Together, the companies’ AR service has launched as a FinanceSuite AutoBank Automatic Cash Application and eFLOW AR project. The initiative allows corporate customers to automate a process that is often done manually, taking up valuable time, manpower and resources for suppliers, buyers and manufacturers.
The eFLOW solution automatically extracts crucial data from AR documents and sends that to the FinanceSuite AutoBank Automatic Cash Application for processing. Reports say eFLOW also automatically verifies and classifies the information collected.
The new project, TIS and Hanse Orga say, are suitable for Systems Applications Products (SAP) systems as well as other ERP platforms.
The B2B industry has progressed in recent years to tackle the friction often experienced in the invoicing settlement realm, and issue that stresses cash flow management on many companies. With new companies offering innovative solutions to these issues, solutions providers are working to streamline the process through automated and standardized services.
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