Open Scan, a Division of Billtrust, Releases Enhanced Electronic Payment Correlation Application
DENVER, CO – (November 5, 2013) – Open Scan has released Dynamic Correlation Engine for Dynamic Receivables and Corporate A/R. The enhanced browser-based version of Open Scan’s groundbreaking Electronic Payment application is fully integrated into its hosted Dynamic Receivables product. It can also be deployed as a stand-alone module for customers of the on-premise Corporate A/R product.
Dynamic Correlation Engine allows cash application professionals to associate incoming electronic payments with decoupled remittance files. The system consolidates EDI payments and separately-delivered remittance emails, automatically extracting attached documents and embedded text. Payments are then easily paired with their corresponding remittances and routed into Open Scan’s core receivables processing workflow. Payment files transmitted with CCD+ or CTX addenda are ingested directly into the Open Scan system without the need for complex mapping.
Enhancements in this release include:
Browser interface: the thin client is easy to deploy and provides a more intuitive user experience.
Double-click correlation: payments and remits are associated more quickly than ever
Correlation staging area: potential correlations are staged for further research and balancing prior to submission.
Payment-only mode: multiple payments lacking remittances can be submitted together, helping to clear out work at the end of the day.
Multiple-delete function: users can quickly cull emails incorrectly routed to the remittance mailbox.
“The challenge of efficiently applying cash with decoupled payment and remittance files is a major roadblock preventing the greater adoption of electronic payments,” said Tim Oliver, Open Scan’s Director of Product Management & Marketing. “We are excited to introduce Dynamic Correlation Engine, delivering an improved user experience and laying the groundwork for future electronics processing enhancements.”
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. For more information, visit Billtrust at billtemp.wpengine.com.