Remittance processing involves data entry of paid invoices, and deposit of the associated checks. Automating this process can deliver substantial savings to most organizations.
The first step most businesses take in automating this process is to create electronic images of these items by passing them through an outside image capturing device, such as a transporter.
Remittance Transporters convert remittance slips and checks to electronic format, while encoding financial information for each slip/check in an associated remittance.txt file. The transport process utilizes the following technologies to generate the remittance.txt file, as well as the associated images: Image Processing, Optical Character Recognition (OCR), Bar Code, and Magnetic Ink Character Recognition (MICR), Courtesy Amount Recognition (CAR) and Legal Amount Recognition (LAR).
Once the image files and associated remittance.txt file have been produced, these files can be evaluated by the Remittance Processor. The processor identifies each check image, as well as the financial information associated with each (in the remittance.txt file) and stores these images in OnBase.
Features of remittance processing include:
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The ability to direct each type of image to a specific Document Type.
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The ability to use the images created in a Statement Rendering process, whereby the images are matched to customer invoices.
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The ability to generate Exception Reports against check images and stubs (invoices, slips, order forms, etc.)
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The ability to manage the entire remittance process (from electronic conversion to check deposit) by a workflow.