Bectran, which works in B2B credit management for Software as a Service (SaaS) programs, announced the release of its enhanced treasury application solution, which will support multiple data formats and financial data APIs. , according to a press release.
The API feature allows businesses to ingest transaction data across a variety of payment formats and apply it to their Accounts Receivable (AR) records.
The new program will include advanced automation capabilities and greater precision in transaction matching. The solution will provide “accurate and timely” updates to accounts receivable.
Bectran, the statement said, has worked since its inception to reduce the costs of cash application technology while speeding up order-to-cash cycles for businesses. The company focused on digitizing and automating credit management tasks.
Louis Ifeguni, CEO and founder of Bectran, said the company wanted to develop a program that delivers “quick, tangible and measurable results.”
The program will provide an open application program interface, which will allow data of any format to be processed and applied to clients’ AR records, depending on the version. It will have multi-criteria correspondence, which will match receipts for payment transactions from bank accounts to customer invoices. There will be a feature for configurable automatic roles, which will allow companies to introduce different levels of automation according to individual needs.
The program’s smart recommendations feature will eliminate margins of error in transactions as much as possible. And the integrated credit, RA and collections management solution will allow businesses to update invoice statuses, synchronize RA records and update ERP system information with one click for every transaction of payment.
The digitization of payment processes has continued for several years as companies innovate in order to remain efficient and fast for customers. Accounts receivable, in particular, had been viewed as an inconvenience for years, with many companies outsourcing the work to others.
But recently, companies have slowed down outsourcing and have been scrambling to see how digital technology and artificial intelligence (AI) can be used to make things better.