Enterprises Automate Reconciliation For Efficiency

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Tuesday July 13, 06:42

Enterprises Automate Reconciliation For Efficiency

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Payment reconciliation costs US firms with assets of USD 1 billion an annual USD 27 million, according to Killen & Associates, a fact that is driving corporations to automate their reconciliation processes. In cash management terms, automation implies greater operational and cost efficiencies, the facilitation of STP (straight through processing) and better cash flow. Under the corporate-driven RosettaNet PMP (Payment Milestone Program), XML-based payment initiation will also enable enterprises to automate reconciliation processes by using the associated remittance details and unique reference indicators of trading entities.

Banks can benefit from this payment standardization and related demand for automated reconciliation by offering transaction services to move beyond being ‘transaction processors’. Competitive advantage is best achieved by providing a ‘one-stop’ solution for the entire financial supply chain, but the banks’ ability to promote the business case for automation will in turn be fueled by demand from the corporate sector. Sellers will use XML-based payment standards to integrate remittance and messaging data, and automate the reconciliation process so as to release credit lines earlier and improve cash management.

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