Bectran’s cloud-based B2B credit management solution redefines the automation capabilities of treasury applications to achieve accurate customer payment matching with drastic reductions in RA collection and management costs.
CHICAGO, March 10, 2020 (GLOBE NEWSWIRE) – Bectran, Inc., the leading B2B credit management SaaS platform, today announced the release of its enhanced treasury application solution to support multiple data formats and financial data exchange APIs. This improved solution, with advanced automation capabilities and unmatched accuracy in transaction matching, eliminates over 90% of existing enterprise treasury application costs, dramatically improves the accuracy of AR efforts. business and produces accurate and timely updates to client accounts.
Since its inception, Bectran has pursued a tireless goal of dramatically reducing the cost of credit operations while accelerating organizations’ order-to-cash cycles through the digitization and automation of credit management tasks.
“Great software is a smart, intuitive and easy-to-use solution to everyday practical problems. This principle has been at the heart of the engineering of the Bectran platform solutions. With this enhanced treasury application solution, we set out to create a solution that delivers fast, tangible, and measurable results through automation and an easy-to-use feature set.Louis Ifeguni, CEO and founder of Bectran.
Capacities of the Bectran Cash application:
- Open application programming interface (API)—Financial institutions provide payment data in different formats. These data formats include OFX, BAI1, BAI2 and a plethora of other text formats. The Bectran open API provides a versatile data ingestion framework that allows data of any format to be processed and applied to clients’ AR records.
- Multi-criteria correspondence– Matching receipts from bank statement payment transactions with customer invoices is the basis of any cash request process. The enhanced Bectran Cash Application system offers configurable multi-criteria matching, allowing users to define and apply unique rules to the content of their payment transactions. This multi-criteria matching capability allows Bectran to match transactions with precise precision.
- Configurable automation rules—This feature allows different levels of automation capability to meet the different complexities of transaction match criteria. With the capability of configurable automation rules, businesses can segment their payment transactions by levels of corresponding complexity and then apply the preferred level of automation to those transactions.
- Smart recommendations—Due to data source errors, not all payment transactions can be matched just by simple comparison calculations. Bectran uses a proprietary algorithm that weighs historical, contextual and other data elements of accounts receivable to recommend perfect matches, even for the most complex payment transactions.
- Integrated credit, AR and collections management solution—The enhanced Bectran Cash Application system operates within the context of a fully integrated credit, AR and collections management platform, leveraging the integrated architecture to update customer invoice status, synchronize RA records and update ERP system information, all with just one click — for every payment transaction.
Availability and additional resources
The improved Bectran Cash Application solution is available to Bectran customers today. Learn more about www.bectran.com.
Bectran is the industry-leading B2B credit management SaaS platform that streamlines and automates the entire trade credit process. From credit inquiries and customer onboarding to collections management, invoicing, dispute management and cash enforcement, Fortune 100 companies and SMEs use Bectran as an integral solution to the traditional credit process. With our automated solutions, we help credit professionals focus more on strategic functions and less on tedious manual tasks, dramatically reducing the risk of credit default and the cost of collection for our users.
Source: Bectran, Inc.
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Bectran is a registered trademark of Bectran, Inc.