Globys, the leading innovator in invoice-to-cash solutions, announced today a new release of Globys Payments. Globys Payments adds simplified multi-pay, intelligent remittance automation, and expanded payment gateway support. The new features allow a customer to digitally pay multiple invoices with one payment while automating capture of remittance advice so that it is accurately and automatically applied to each invoice within the accounts receivables of the supplier.
In the B2B invoice-to-cash process, payments and remittance advice from a customer are almost always submitted through different channels. Consequently, an accounts receivable department is left with the challenge of reconciling payments to invoices in order to recognize revenue and close books. This B2B reconciliation is compounded with complexity because of the myriad of billing accounts and invoices corporate customers have. The result is a highly manual and error-prone process that can slow throttle accounting operations.
Straight-through processing provides a single channel to both submit payment and remittance advice electronically. Straight-through processing removes operational costs and errors of a fragmented, manual payment workflow by linking payment information and remittance advice together. Straight-through processing replaces the cumbersome multi-step email and document process for B2B customers with an easy-to-use, integrated online experience to help drive adoption of electronic payments.
In fact, a recent Globys survey found that all respondents identified a lack of extensive remittance information and unwillingness for business customers to transact online as top barriers for growth of electronic payments. Another industry survey showed that less than 10% of invoices are processed straight-through.
The new Globys Payments address the challenge of enabling straight-through processing. The latest release of Globys Payments includes:
– Simplified multi-pay: Drives adoptions of electronic payments by letting B2B customers easily organize and consolidate invoices and then pay with a single click while automatically submit remittance advice for each invoices
– Intelligent remittance automation: Removes the guess-work and manual steps of reconciliation by automatically applying remittance advice according to customer specification to invoices within account
– Expanded payment gateway support: Accelerates deployment with standardized integrations for a growing number of payment gateways
“Research of our own client base shows that large corporates are receiving hundreds of invoices a month from a single supplier, with the average large corporate receiving 70. But they’re not making 70 payments, they are averaging less than 5 payments,” said Matthew Shanahan. “Using traditional reconciliation methods takes hours per customer, but using straight-through processing virtually eliminates the manual intervention that is common place today. Customers get a more convenient payment experience, and suppliers get cheaper, faster, error-free reconciliation. It’s a win-win.”
Globys Payments is available now and can be configured to deliver segment specific payment experiences for small business, mid-market and enterprise business customers.