Artificial Intelligence in Cash Application is what you need
Automating Cash Application With Artificial Intelligence vs Robot Processing
There are lot of automatic cash application softwares on the market. They apply payments very fast and advertise that users are not necessary any more. How does it look like in the reality? Payment reversals and misapplications. Customer Service has lot of work answering customers’ complains that payment was not applied properly. Short payments and deductions are created without reason codes and will be a headache for deduction analysts and on account credits might never be applied.
This is not the system that will help your company. What you need is an Intelligent Cash Application with the power of Artificial Intelligence.
Artificial Intelligence in Cash Application will improve your hit rate, eliminate reversals and handle deductions properly.
Based on customers’ payment patterns we can dynamically change or suggest new settings to apply payments. For example if customer always pays past due statement and ignores late fee the system should first run algorithm on statement bucket with and without financial fees. Having historical application data helps to configure the deep learning model.
Artificial Intelligence in Cash Application can also be helpful in OCR engine processing payment files.
Robust OCR system can process check images attached to lock box files, EDI files and other types of customer remittance information. No matter if file came in from the bank attached to the lockbox file or remittance advice was emailed or dropped to the shared location intelligent OCR can extract pure data to the system:
customer assigned based on Bank Micr Information - Routing and Account Number. If Bank Micr information is new and cannot be matched we can use customer name, address or telephone number from front of the check. Artificial Intelligence algorithms can find the best match to customer in the system.
different formats of remittance advice are not a problem; again Artificial Intelligence in Cash Application can pull the necessary information - Invoice Number, PO Number or other transaction identification fields along with amount fields, description or reason code. Neural network is configured with layers, biases and mathematical functions that define its learning operation.