Categories: B2B Payments

RedCloud Launches OCR-Driven Payment Solution

RedCloud Technologies has announced the launch of its optical character recognition (OCR) driven digital collections and reconciliation payment solution.

London-based RedCloud allows unbanked users to make transactions without the need for a debit card, credit card, or even a brick and mortar bank. They also don't need to maintain a minimum bank account balance.

Now its new payment solution CRIBO (Cash Reconciliation & Invoicing By Optics) enables the global supply chain to digitize cash payments and reconcile invoices in real-time so that Fast-Moving Consumer Goods (FMCG) and Distributors can carry out instant transactions while still maintaining digital records of payments. As a result, small distributors will gain ERP efficiencies to their invoicing and payment activities without the need to pay for expensive ERP software licensing.

Currently, 10 percent of FMCG billings and up to 40 percent of their earnings need manual processing of transferred payment information from unbanked and cardless distributors. RedCloud’s new solution aims to systematize the process.

“FMCGs will improve margins by systematizing and unifying the processing of distributor payment information (vouchers, paper invoices, credit and debit notes, sales orders, remittances, and current account statements). They will optimize decision making with real-time information: visualizing the information of customers and their behavior. Now Distributors will have a convenient solution to cancel and report their payments using technology as a change agent for efficient business and become more productive,” said RedCloud’s Chief Product Officer Soumaya Hamazoui.

Its open application programming interface (API) technology allows RedCloud’s CRIBO to integrate with core Manufacturer ERP systems including SAP and Oracle so that it's possible to trace back invoice payments. And the company's Red101 mobile app allows distributors to instantly detect the invoices that have been pushed through the API stream and find the amounts needed to reimburse for each FMCG.

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The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.