Touchless cash application for a bulk carrier

[Before Eranova]

For a national bulk carrier, the AR team was matching customer remittances to open invoices by hand, reading payment files line by line, reconciling amounts against the bank, and keying each application into the accounting system. Remittance formats vary by customer and a single payment can span several outstanding invoices, so cash application lagged, exceptions piled up, and cash sat unapplied longer than it should.

[What the agents do]

1. 01

   Ingest incoming customer remittance files as they arrive.

2. 02

   Extract the payment attributes from each file: customer, invoice references, amounts, and dates.

3. 03

   Integrate with the customer's bank to validate that the applicable payments cleared.

4. 04

   Match each payment to the correct outstanding invoices in the accounting system.

5. 05

   Post the applied payments directly to the ERP and accounting system.

[Results]