Categories: B2B Payments

Bectran Introduces Enhanced Cash Application Solution For AR

Bectran, which works in B2B credit management for software-as-a-service (SaaS) programs, announced the release of its enhanced Cash Application solution, which will accommodate multiple data formats and financial data APIs, according to a press release.

The API feature allows businesses to ingest transaction data across a variety of payment formats and apply it to their accounts receivable (AR) records.

The new program will include advanced automation capabilities and greater accuracy in transactions matching. The solution will provide “accurate and timely” updates within customer accounts.

Bectran, according to the release, has worked from its inception on cutting costs for cash application technology while accelerating order-to-cash cycles for companies. The company’s focus has been on the digitization and automation of credit management tasks.

Louis Ifeguni, CEO and founder of Bectran, said the company wanted to craft a program that delivers “quick, tangible and measurable results.”

The program will offer open application program interface, which will allow data of any format to be processed and applied to clients’ AR records, the release states. It will have multi-criteria matching, which will match payment transaction receipts from bank accounts to customer invoices. There will be a function for configurable automatic roles, which will allow companies to introduce varying levels of automation based on individual need.

The program’s intelligent recommendations feature will eliminate margins of error as much as possible in transactions. And the integrated credit, AR and collections management solution will let companies update invoice statuses, synchronize AR records and update ERP system information with one click for every payment transaction.

The digitization of payment processes has been going on for several years as companies innovate in the aim of staying efficient and speedy for clients. Accounts receivable, in particular, had been seen for years as an inconvenience, with many companies sourcing the work out to others.

But recently, companies have slowed down on outsourcing and have been working to see how digital tech and artificial intelligence (AI) can be used to make things better.

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LIVE PYMNTS ROUNDTABLE: MODERNIZING & SCALING FOR THE NEW NORMAL

The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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