Lockbox is a service provided by banks to process faster payments and reconcile the open account receivable invoices of the customer it is associated with. Lockbox is a postbox created by the bank at strategic geographies where a company expects its business to collect receivables.
Challenges:
1. Non-standard Cheques : Bank received Cheques from different customer and different format. It is a challenge for automation software to handle them in the same way in each time.
2. Unstructured Data : low quality cheques and Handwritten data available in cheques. It is a challenge for automation software to handle them in the same way in each time.
3. Discrepancies & approvals : The manual process extends to resolving discrepancies. Does the Cheques price, Invoice no and customer database matches with database table?
Automation Solution :
The AR process using below use cases for automating the invoices,
Lockbox is a service provided by banks to process faster payments and reconcile the open account receivable invoices of the customer it is associated with. Lockbox is a postbox created by the bank at strategic geographies where a company expects its business to collect receivables.
Challenges:
1. Non-standard Cheques : Bank received Cheques from different customer and different format. It is a challenge for automation software to handle them in the same way in each time.
2. Unstructured Data : low quality cheques and Handwritten data available in cheques. It is a challenge for automation software to handle them in the same way in each time.
3. Discrepancies & approvals : The manual process extends to resolving discrepancies. Does the Cheques price, Invoice no and customer database matches with database table?
Automation Solution :
The AR process using below use cases for automating the invoices,
1. Cheques Segregation
2. Cheques Extraction using OCR
3. Cheques details Enter into ERP system
Business Benefits:
1. Improved Cheques accuracy with zero error
2. Standardized Processed
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