Challenges in the back office cascade throughout the organization. The longer it takes accounts receivable (AR) to recognize and apply cash, the longer it takes recipients to access funds. Not applying cash in a timely manner misstates the organization’s true AR position at both the corporate and customer account levels.
Commercial customers need simpler, more-efficient payment solutions. In this BAI Banking Strategies article, Fiserv experts discuss automation tools such as artificial intelligence, machine learning and robotic process automation that can eliminate most of the manual steps associated with cash application today.