Wells Fargo has added enhancements to the Receivables Manager service offered to its treasury management customers, which saves time and improves efficiency for accounts receivable (AR) departments. Receivables Manager now offers three distinct capabilities – remittance advice matching, automated clearing house (ACH) and wire repair, and an integrated receivables file – that together streamline and automate the receivables application and posting processes.
With the shift from paper to digital transactions, what is efficient for payers is now inefficient for receivers, says the group. Currently, AR staff must search for remittance advices, connect them to payments, and then manually key information into accounting or enterprise resource planning (ERP) systems.
Receivables Manager addresses receivables challenges through:
- Remittance advice matching: The tool compares data from a customer’s ACH and wire payments to remittance information sent by email, faxes and paper mail. The engine for this matching process works based on a customer’s matching criteria, such as payer name, payer account and dollar amount.
- ACH and wire repair: Whenever possible, on occasions where payers include electronic information that is incomplete or unreadable, the new tool will fix the information systematically to enable automated cash application to the customer’s accounts receivable system. When it is unfixable, customers can use the Receivables Manager application on the CEO portal to create remittance templates for payers so that subsequent payments can pass through automatically.
- Integrated receivables file: This feature consolidates payment and remittance information from many payment types. Customers can use the consolidated payment information to automatically post many types of received payments to their accounts receivable system.
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