The management of cash receipts has always been a challenge for businesses. It is crucial that all businesses seek to increase the accuracy and shorten the timeline of cash processing for client and corporate cash. A combination of variables can complicate the cash receivables and allocation process including:
- High volumes
- Difficulty identifying payees (especially when the payment is electronic)
- Under/over payments
- Poor referencing (particularly from a retail customer base)
- Poor remittance information
Our state-of-the-art virtual accounts solution is capable of managing these issues, making cash receivables and processing more efficient, automated and streamlined. This, in turn, improves customer service and cashflow, cuts financing costs and increases turnover. Recent innovations in the banking industry – particularly related to Open Banking – have offered a new range of solutions to help meet these challenges.