Electronics Payment Module with Correlation is Now Available
DENVER, CO – (August 2, 2012) – Open Scan announced today the release of its Electronic Payments Module with Correlation. This ground-breaking technology enables the quick and easy correlation of decoupled electronic payments and remittances. Correlated files are passed to the central Open Scan Accounts Receivable (AR) platform for matching to open receivables. This module supports all the robust capabilities used to process traditional paper checks and remittances. The Electronic Payments Module imports delivered electronic files, without requiring suppliers to comply with consistent formats. The correlation engine intelligently extracts key data points and generates human-readable images of payments and remits. Electronic Funds Transfer (EFT) files with remit addenda are immediately matched to open invoices. Supported file types include:
EFT types: ACH, ACH with CTX/CCD+, EDI, and bank wire transfer.
Remit file types: EDI 820, XLS, DOC, PDF, HTML, eFAX, and email inline text.
“In the spirit of innovation that Open Scan brings to all of its products, the Electronic Payments Module will be the key that finally unlocks the enormous potential offered by electronics,” said Vice President of Sales & Marketing, Timothy Ray. “The correlation functionality enables organizations to aggressively migrate to electronic payments acceptance without fear of creating cash application headaches for themselves in the process.”
Headquartered in Hamilton New Jersey, Billtrust is the premier provider of automated invoice-to-cash solutions. Billtrust integrates three key areas of the invoice-to-cash process: presentment, payment, and cash application, helping its clients connect with their customers and cash while strengthening their revenue and cash flow. Working with more than 1,200 North American businesses across B2B and B2C markets, Billtrust’s comprehensive offerings help its clients solidify customer relationships, increase productivity, improve cash flow, and seamlessly migrate to electronic channels.