Quadient has added a cash application module to its accounts receivable (AR) automation solution.
The new Advanced Cash Application module eliminates the need for finance teams to manually apply incoming payments to customers and invoices and re-key payments received from the bank, Quadient said in a Tuesday (April 25) press release.
“The new module reduces the risk of manual errors and lowers days sales outstanding (DSO), helping us address the requirements from our growing customer base and handle more use cases in a broader array of industries,” Quadient Chief Solution Officer, Intelligent Communication Automation Chris Hartigan said in the release.
Quadient’s new cash application module is designed for mid-market and enterprise customers. It complements the company’s Intelligent Communication Automation software-as-a-service (SaaS) platform, creating an end-to-end AR automation solution, according to the press release.
The new module helps businesses solve the complexity created by the shift to digital payments, the release said.
“Whether an organization is challenged with cash application delays due to missing remittance advice or the sheer volume of incoming payments that need to be matched and processed, automating the cash application process drives faster processes for employees and customers,” Hartigan said in the release.
PYMNTS research has found that digital B2B payments network tools can solve accounts payable (AP) and AR friction in four ways.
These tools provide a seamless connection between suppliers and the marketplace. They streamline invoicing to avoid payment delays, build better customer relationships from day one and make transaction visibility and invoice reconciliation seamless, according to “The AR Transformation Solution: Easing and Accelerating Payments from Business Customers,” a PYMNTS and Billtrust collaboration.
Quadient’s new cash application model joins some other offerings recently added by the company.
In December 2022, the firm integrated its AP solution with Microsoft Dynamics Business Central, enabling businesses to reduce their time spent on manual data entry and more quickly code and approve invoices.
A month earlier, in November 2022, Quadient joined with automation solutions provider Esker to partner with the French government’s Partner Dematerialization Platform (PDP) and help businesses transition to compliance with French tax regulations.