Automated accounts receivables processing lowers costs, increases
efficiency and improves accuracy
BROOKFIELD, Wis.--(BUSINESS WIRE)--Oct. 1, 2018--
Fiserv,
Inc. (NASDAQ: FISV), a leading global provider of financial services
technology solutions, and DadeSystems
announced today that they will collaborate to provide financial
institutions the capabilities and confidence needed to automate accounts
receivables processing for businesses, with Fiserv serving as a
connection point through which institutions can access DadePay AR
Automation as a software-as-a-service (SaaS) solution. Financial
institutions can offer the solution as a standalone service or as a
complement to the commercial banking suite from Fiserv, helping
businesses lower total accounts receivable costs and improve accuracy.
“Businesses spend too much time manually posting payments to invoices—a
process prone to error and costly in terms of time and resources,” said
John Dangoia, vice president of product management, Payments Management
Solutions, Fiserv. “By offering DadePay AR Automation, we empower
financial institutions to further enrich customer relationships by
reducing the need for businesses to manually enter payments into their
accounts receivable systems.”
Independent research and advisory firm, Aite Group, found that most
banks are no longer thinking about receivables products in silos, but
rather as part of a larger integrated strategy. The firm surveyed 21 of
the 70 largest U.S. banks as part of a proprietary research study, which
focused on their current and near future integrated receivables
strategy. According to one respondent, “While RDC [remote deposit
capture] helps drive additional deposits, integrated receivables will
ultimately drive primary operating deposits, not RDC or any channel
alone.”
“Many businesses are demanding new types of electronic payment and data
analytics services, yet their treasury and finance departments are
slowed down by manual and outdated processes,” said Bill Zayas,
president and CEO of DadeSystems. “Through this relationship with Fiserv
banks can help their business customers overcome these obstacles with
technology from a provider they know and trust.”
Proprietary artificial intelligence (AI) algorithms used by DadePay AR
Automation lower overall processing costs with straight through
processing rates that are among the highest in the industry. The
algorithms work together with advanced optical character recognition
technology, machine learning, and proven automated processes to
accelerate payment processing speeds, increase operational efficiency,
eliminate unnecessary fees, and dramatically improve cash collection.
In addition to high automation rates and accuracy, DadePay AR Automation
provides a single, enterprise-wide archive of integrated receivables for
all types of payments and remittances from any channel. This long-term
archive uses modern and user intuitive methods for research and data
mining.
In a world moving faster than ever before, Fiserv helps clients deliver
solutions in step with the way people live and work today – financial
services at the speed of life. Learn more at fiserv.com.
Additional Resources:
About DadeSystems
Headquartered in Miami, Florida, DadeSystems automates the
invoice-to-cash application process to increase efficiency and
accelerate cash flow. DadeSystems serves multiple industries, including
banking, distribution, food and beverage, manufacturing, transportation,
wholesale, property management, healthcare, retail, travel and
agriculture. DadePay AR Automation automatically captures all incoming
payments including paper and electronic. Using patented technologies and
machine learning, payments are automatically matched to open invoices
and updated to the companies’ ERP systems. The DadePay product suite
also includes a Mobile AR application and an ePayment portal.
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) enables clients worldwide to create and
deliver financial services experiences in step with the way people live
and work today. For more than 30 years, Fiserv has been a trusted leader
in financial services technology, helping clients achieve best-in-class
results by driving quality and innovation in payments, processing
services, risk and compliance, customer and channel management, and
insights and optimization. Fiserv is a member of the FORTUNE®
500 and has been named among the FORTUNE Magazine World's Most Admired
Companies® for five consecutive years, recognized for
strength of business model and innovation leadership. Visit fiserv.com
and follow
on social media for more information and the latest company news.
FISV-G
View source version on businesswire.com: https://www.businesswire.com/news/home/20181001005507/en/
Source: Fiserv, Inc.
Media Relations:
Alex Shorter
Sr. Manager, Public
Relations
Fiserv, Inc.
678-231-0226
alexander.shorter@fiserv.com
or
Additional
Contact:
Ann Cave
Director, Public Relations
Fiserv,
Inc.
678-325-9435
ann.cave@fiserv.com