Gresham, a provider of real-time financial transaction control and enterprise data integrity solutions, added upgrades to its Account Receivables Management (Clareti ARM) offering. The proven “white label” technology, which enables banks to offer receivables management services to their corporate customers, can now receive and process remittance advices, whether in e-mail, Excel, Word or PDF format.
Remittance processing has traditionally been a manual, document heavy and time-consuming process, exacerbated by the increase in data brought by digital processes. This near real-time movement of funds dramatically increases the speed of credit transfer from one account to another. This benefit is soon lost, however, if the underlying transaction settlement infrastructure and remittance processes are not able to keep pace and provide the associated information equally quickly.
Clareti ARM combats this challenge through its integration with Enterprise Document Management Systems & Content Management Systems, allowing remittances to be both pushed and pulled from these systems for an auditable trail. The intelligent engine in Clareti ARM can intelligently identify both who is paying and what they are paying for with the tiniest amount of remittance information.
“Currently, most corporates and SMEs are relying on remittances because of an archaic payment infrastructure that is no longer fit for purpose,” said Neil Vernon, chief technology officer at Gresham. “With 140 characters to identify each payment, it’s little wonder that it’s difficult to match and reconcile corporate invoices.”
“It’s not just the corporate that benefits from the insight delivered by Clareti ARM,” Vernon added. “For the first time a bank now has complete insight into the receivables process of its customers, bringing the ability to price (e.g. invoice factoring) at the optimal level and build innovative insight based products.”