Credit, Receivables & Collections
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New Remittance Data Enables AR To Automate Cash App of Wire Transfer Payments
Article on Accounts Receivable, Technology and Automation • posted 02/05/12
The tiny single field in wire transfer payments has long been an obstacle to AR pros' efforts to fully automate the cash application process. Now, however, Fedwire and CHIPS have implemented infrastructure in their services to allow an added 9,000 characters and multiple fields to embed detailed remittance information in wire transfer payments from your customers. Taking advantage of this opportunity to eliminate costly and time-consuming manual cash application processes, however, will require AR pros to partner with providers, banks and customers.
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