Key Factors to Look for in an Integrated Receivables Solution

As corporations struggle to manage accounts payables and receivables effectively, banks are stepping in to provide valuable integrated receivables services. For financial institutions, expanding existing treasury services beyond traditional lockbox payment processing solutions is a worthwhile and lucrative investment that creates new revenue streams and strengthens customer relationships. Industry estimates predict that these programs can generate millions of dollars in additional annual revenue for regional banks and tens of millions per year for national and global financial institutions.

Selecting an Integrated Receivables Platform

There’s no denying that integrated receivables present a significant opportunity for financial institutions and banks. When evaluating technology platforms, it’s essential to choose a provider that incorporates several key features and capabilities that will appeal to corporate customers, including:

  • Electronic Invoice Presentment: With electronic invoice presentment, corporations can increase efficiencies and reduce delays associated with printing and mailing paper invoices. AP and AR departments should be able to access electronic invoices, full bill details and customized notifications from a secure, centralized portal.
  • Adjustment and Approvals: A comprehensive platform will provide invoicing automation and standardized online workflows based on custom business rules and configurations, as well as support for invoicing disputes, discounts, adjustments and approvals.
  • Payment Completion: A secure, flexible solution enables corporate clients to access and review payments and accept all major forms of payments, including ACH, credit cards, wired funds and checks.
  • Flexible AR Integration: Banks should leverage a vendor-agnostic platform that is compatible with existing ERP and enterprise software systems to limit new technology costs and increase return on investment in legacy technology. It should also include comprehensive reporting capabilities and automated data merging with AR systems and workflows.

Direct Insite’s PAYBOX® solution integrates seamlessly with legacy technology, powering e-invoicing capabilities that drive enormous business value for both banks and enterprise customers. A white-label integrated receivables solution, PAYBOX consolidates payables, receivables and payments information into a single portal.

Integrated Receivables Results

By extending your financial institution’s treasury management portfolio of services with Direct Insite’s PAYBOX solution, banks can significantly increase revenue, grow lockbock franchises and improve customer relationships. As a central platform that integrates payables, receivables and payments, PAYBOX helps banks increase their speed-to-market and mitigate risk as they roll out new lockbox and AR initiatives, such as supply chain financing.

Corporate clients benefit from significant costs savings and lower processing times. Banks can reduce invoice processing costs from $35 per invoice to less than $1, and take average processing times from 45 business days to less than 10 business days. Additionally, corporate AR departments can streamline reconciliation, accelerate invoice posting and improve Days Sales Outstanding (DSO) rates. Corporate AP clients have easy access to electronic invoices, which lowers instances of error and allows them to capture more discounts and p-card rebates.

With Direct Insite’s integrated receivables solution, financial institutions can offer corporate customers value-add services and benefits, while increasing income from lockbox services and interchange fees. To learn more about how PAYBOX enables financial institutions to generate new revenue streams and business advantage, call us at (610) 212-2487 and schedule a risk-free private demonstration.

Accounts Receivable Solutions