Banks using Fiserv technology will have access to an automated accounts receivable solution from DadeSystems that the companies say will improve accuracy and lower costs for business clients.
DadePay AR Automation is software-as-a-service available through Fiserv connection points, allowing banks to offer it to clients as a standalone service or a complement to their commercial banking products.
“Businesses spend too much time manually posting payments to invoices—a process prone to error and costly in terms of time and resources,” John Dangoia, vice president of product management for payments management solutions at Fiserv, said in a Monday press release.
DadePay artificial intelligence algorithms are designed to lower overall processing costs with straight through processing rates, which the companies said can be among the highest in the industry.
The algorithms work with optical character recognition technology, machine learning, and automation to accelerate payment processing.
“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payment and data analytics services, yet their treasury and finance departments are slowed down by manual and outdated processes,” Bill Zayas, president and CEO of DadeSystems, said in the release.
DadePay AR Automation also provides a single, enterprise-wide archive of integrated receivables for all types of payments and remittances from any channel. The long-term archive aids future research and data mining.
