Integrated Payments and Reconciliation
Automate error-prone manual tasks and streamline payment flows
49%
of corporations state that manual processes are one of their most critical friction points within the accounts receivables process[1]
Overview
OpenText™ Integrated Payments and Reconciliation solutions enable banks to provide their corporate clients a streamlined payment process with increased payment visibility and reduced risk.
Key benefits
Impact business and achieve better results.
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Reduce costs
Streamline time-consuming tasks and reduce error-prone manual processes to lower payment processing costs.
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Minimize confusion and build trust
Enable corporate customers to monitor payment status and acknowledgements, provide clients and staff alert notifications, and utilize configurable reporting features.
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Mitigate fraud risks
Automate payments to mitigate inaccuracies and significantly reduce the fraud risk associated with processing paper-based checks.
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Improve payment flexibility
Eliminate paper-based payment processing limitations with seamless, automated outbound cash flows that deliver improved flexibility and scalability.
Business impacts
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Payment transparency
Corporate clients want to efficiently track payment status, such as if a payment was delivered, yet legacy systems and processes do not provide that transparency. Gain full visibility into the payment lifecycle that extends to corporate clients.
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Client onboarding
The onboarding experience sets the tone for customer relationships. Corporate clients need to quickly onboard new customers and offer new and emerging payment channels. Provide stress-free onboarding with seamless implementation phase progression.
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Managed support services
Banks are built for paper-based processes, such as cash handling and check processing. Moving to a digital payment system is a substantial project for banks and their corporate clients. Utilize fully managed support services to optimize the solution.
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Payment files
Many banks receive multiple payment files from each corporate customer. The complexity and confusion created can lead to risk and inefficient workflows. Receive one consolidated payment file to streamline and simplify processes.
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Receivables match rates
Corporate clients must match payments to invoices, a manual, high-volume process that is time-consuming and error prone. Automate reconciliation for higher receivables match rates and greater efficiency.
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Application integration
Navigating the multiple banking portals required to manage different payment types is time-consuming. It can delay payment processing and increase the risk for human error. Utilize a single platform and eliminate unnecessary risk.
Explore the components of the solution
Products
OpenText offers a bundled solution that uses personalized communications to boost member engagement:
Professional Services
OpenText Consulting Services combines end-to-end solution implementation with comprehensive technology services to help improve systems.
- Accelerate the Information Management journeyConsulting Services
- Comprehensive Information Management services and resourcesExplore Professional Services
- Reduce time to value with rapid implementationFasTrak Packaged Services
Integrated Payments and Reconciliation resources
Transform accounts receivable reconciliation with ISO 20022 data
View the infographicIntegrated Payments and Reconciliation
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Footnotes
Footnotes
- [1]PYMNTS, September 2020