J.P. Morgan Payments launched Receivables Matching, a tool designed to help clients streamline cash applications, according to a Monday (Nov. 2) press release.

Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

“Cash application has historically been a necessary but often labor-intensive part of the receivables process,” the release said. “Once a payment arrives, accounts receivable teams must determine which invoices it belongs to, verify remittance information and resolve discrepancies before cash can be applied correctly.”

Reconciliation has become complex as businesses receive more payments across a growing range of payment types and channels, according to the release. That means companies often get bogged down by manually moving between systems and matching data, time that could be spent on higher-value strategic efforts.

With the Receivables Matching solution, companies can use “configurable matching technology to automatically match incoming payments, remittance information and open accounts receivable data,” the release said. By integrating these data sources, “businesses can reduce manual effort, accelerate cash application and improve visibility into receivables activity.”

P. Morgan Payments,” Michelle Conklin , the company’s head of receivables and public sector, said in the release.

Source link