IBM Consulting and payments and data company Deluxe joined forces to develop a receivables automation solution aimed at optimizing cash flow for corporations.
The collaboration brings together Deluxe’s receivables automation software and IBM Consulting’s operational expertise to streamline processes and drive savings, the companies said in a Monday (Oct. 23) press release.
The primary goal of the partnership is to automate receivables and cash application processes, reducing overhead costs and increasing overall efficiency for corporations, according to the release. By leveraging Deluxe’s technology and IBM Consulting’s finance business process outsourcing services, the collaboration offers a holistic approach to optimizing cash flow.
As part of the tie-up, Deluxe has introduced Receivables360+, a new product in its Receivables Automation product suite, the release said. Receivables360+ uses the latest technology for invoice matching and automated file generation. It provides a single view of receivables and cash application processes, eliminating the need for multiple systems.
Deluxe has also implemented the solution internally, combining its receivables automation technology with support from IBM Consulting, per the release. This “Client Zero” approach allows both companies to understand the product’s capabilities and assist clients in optimizing their receivables processes. Within two weeks, Deluxe achieved a 30% reduction in manual intervention for payment reconciliation matching, freeing up professionals’ time for higher-value work.
The collaboration between Deluxe and IBM Consulting addresses the growing demand for streamlined and cost-effective tools in the receivables and cash application processing landscape, according to the release. The companies’ joint solution is designed to meet the needs of corporations undergoing digital transformation.
PYMNTS Intelligence found that chief financial officers are looking at automation to improve their accounts receivable (AR) processes, aiming to eliminate the need for archaic manual procedures and tackle payment delays and errors.
Sixty-seven percent of CFOs said their firms “probably” need more automation, and 27% said they “definitely” need more, according to “Automation Clears the Path to Getting Paid on Time,” a PYMNTS and Billtrust collaboration.
Deluxe’s collaboration with IBM Consulting comes on the heels of its launch of a digital bill payment partnership with FinTech Aliaswire. That collaboration adds Aliaswire’s DirectBiller bill payment technology to Deluxe’s network of banks, partners and direct clients, extending the reach of its digital payment solutions.
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