Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, and DadeSystems announced today that they will collaborate to provide financial institutions the capabilities and confidence needed to automate accounts receivables processing for businesses, with Fiserv serving as a connection point through which institutions can access DadePay AR Automation as a software-as-a-service (SaaS) solution.
Financial institutions can offer the solution as a standalone service or as a complement to the commercial banking suite from Fiserv, helping businesses lower total accounts receivable costs and improve accuracy.
“Businesses spend too much time manually posting payments to invoices—a process prone to error and costly in terms of time and resources,” said John Dangoia, vice president of product management, Payments Management Solutions, Fiserv. “By offering DadePay AR Automation, we empower financial institutions to further enrich customer relationships by reducing the need for businesses to manually enter payments into their accounts receivable systems.”
Independent research and advisory firm, Aite Group, found that most banks are no longer thinking about receivables products in silos, but rather as part of a larger integrated strategy. The firm surveyed 21 of the 70 largest US banks as part of a proprietary research study, which focused on their current and near future integrated receivables strategy. According to one respondent, “While RDC [remote deposit capture] helps drive additional deposits, integrated receivables will ultimately drive primary operating deposits, not RDC or any channel alone.”
“Many businesses are demanding new types of electronic payment and data analytics services, yet their treasury and finance departments are slowed down by manual and outdated processes,” said Bill Zayas, president and CEO of DadeSystems. “Through this relationship with Fiserv banks can help their business customers overcome these obstacles with technology from a provider they know and trust.”
Proprietary artificial intelligence (AI) algorithms used by DadePay AR Automation lower overall processing costs with ‘straight thru’ processing rates that are among the highest in the industry. The algorithms work together with advanced optical character recognition technology, machine learning, and proven automated processes to accelerate payment processing speeds, increase operational efficiency, eliminate unnecessary fees, and dramatically improve cash collection.
In addition to high automation rates and accuracy, DadePay AR Automation provides a single, enterprise-wide archive of integrated receivables for all types of payments and remittances from any channel. This long-term archive uses modern and user intuitive methods for research and data mining.