Processors Tackle New Payment Workflows: Check 21 Opens The Door To OpportunitySource: OPEX Corporation
Remittance processing is in a state of flux. Electrons are replacing paper and milliseconds are becoming the standard by which processing time is being evaluated. No longer is it acceptable to take days to process a payment. In many cases hours can even be too long. It is necessary to do it now and by now, I mean NOW. Accounts Receivable Conversion (ARC), Image Exchange, Check 21, and even paper clearing are the buzz words of the day, and they mean faster availability and shorter time from receipt to clearing. Shaving a day off of the time for funds to become available can mean the difference between keeping the business in-house or outsourcing the work.
While there is no one solution, advances in software and hardware have opened avenues and opportunities to significantly reduce hand-offs, distinct breaks in the workflow and risks associated with both.
Eagle by OPEX Incoming and Scanning, a division of OPEX Corporation allows high volume remittance processors to handle the remittances as few times as is absolutely possible. With its increased decisioning time, Eagle allows for numerous inputs to affect the sorting decisions. This is all done in-line with the extraction step and allows for paper handling to be minimized. No longer is it necessary to run non-paper clearing items through a second pass. Eagle optimizes the efficiencies obtainable from the time the remittance is loaded on the machine (still in the envelope) until the time the check and document are sorted and stacked in the output bins.