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How Integrated Receivables Connect Corporates With Data And Analytics

FinTechs are connecting banks with tools such as integrated receivables that they can provide to their corporate customers — and offer them one view of all their payments. This technology has three components, including remittance matching, a single file for an enterprise resource planning (ERP) system, and consolidated data as well as reporting. The latter element involves the ability to receive all payment types from all channels and offer a “single view” of that data to the corporate customer, DadeSystems CMO Tom Berdan told PYMNTS in an interview.

The FinTech’s corporate customers struggle when they use multiple billing systems, Berdan said. As a result, they lack a holistic view of information for a particular customer. They might have electronic payments arriving and need to log into that channel if a customer uses that method. But if the customer makes a check payment, the corporate might have to turn to a different system to see how they paid and validate the payment. Then with the addition of credit cards and other sources, corporates can be jumping between many different systems.

Consolidated reporting and analytics, however, provide “one single view that the bank can deliver to their corporate customers” so they can improve their customer service, Berdan said. In one use case the FinTech firm has for customer service, a large-scale firm might come to have three billing systems as it acquired companies over time. Then, when a customer makes a purchase from one company but is billed by an acquired firm, having a consolidated view can become crucial for efficient customer service.

But analytics can provide a dashboard view, which would vary by corporate user. A customer service representative, for instance, would have one of all the in-process payments. If a customer calls and says they think he paid the wrong amount, the representative could check for pending payments instead of asking him to call the next day because the payment wasn’t yet posted. Corporates can also see how payments are arriving by channel to spot trends.

If a customer is paying by check over time, a corporate might want to encourage that company to pay electronically. In another case, a customer might be up to his credit limit and calling to order more product — and a consolidated data and reporting view would let the corporate know that it has payments pending and accept the order. This scenario, among others, is possible with integrated receivable innovations that banks can provide to their corporate customers.