RP Solutions, a remittance processing and electronic payments (e-payments) solutions provider, has added a new feature to its remittance processing solution to simplify the processing of paper cheques generated by bank and third party online bill payment services such as CheckFree.com.
Unlike traditional remittance payments, online bill pay cheques are not accompanied by a remittance coupon, are printed in a variety of formats and often suffer from missing or incomplete account data. Consequently, it is difficult for billers to reconcile these cheques to their billing and accounts receivable (A/R) systems. By automating the processing of these payments, ExpertRPS’ new online bill pay feature reduces operational costs, enhances cash flow and increases customer satisfaction for billers.
“The first task is recognising the cheque formats, which can be different for each bill payment service,” said David Johnson, president, RP Solutions. “ExpertRPS learns the layout of each new cheque format so it will automatically be recognised the next time. The biggest challenge is correctly identifying the customer’s name and account information which can be located anywhere on the cheque, is frequently wrong, or may be formatted incorrectly. Once this is complete, ExpertRPS validates the account number by using a lookup table or by connecting directly to the biller’s host system in real time. Automating this process helps our customers settle these payments with minimal data entry and no special workflow steps. This is an enormous productivity gain for our customers.”
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