UnderwritingUnder the traditional manual, paper-based invoicing AP and AR business processes are cumbersome, lengthy and extremely inefficient. The interaction between and within AP and AR possesses too many manual steps and handoffs and is therefore primed for delays and inconsistencies. The audit trail into transactions becomes difficult to track and a significant amount of time and money is spent researching information resulting in increased cycle times and loss of prompt pay discounts. Excessive DSO’s, lack of insight into key business processes, and inability to provide excellent customer support are all pain-points within the financial transaction process.
Today, with the pressure of accountability, executive management needs to improve financial systems to provide timely accurate financial information. A holistic approach to the process has the opportunity to drive many benefits and the advantages of taking the joint A/R and A/P business process to an electronic construct are greater and needed more than ever today.
Customer Bill Pay is the next generation EBPP/EIPP making it easier to collect funds and make payments in a fully audited electronic environment. This technology is developed and deployed on a Web-based infrastructure using the Internet as its presentation, interaction and messaging channel. By relying on Web-based programming mechanics — it has eliminated the complexity and rigidity inherent in the old EDI structure. This technology today is robust, scalable and customizable — ensuring that deploying organizations can provide a highly functioning application to work with partners and customers while achieving a measurable Return On Investment (ROI) and improving process efficiency. This technology can compliment EDI initiatives or be an alternative to an EDI deployment.