Invoiced has introduced an AI-based cash application engine, offered as part of the Invoiced A/R Cloud. The new application enables operations teams to automatically identify, import and match unapplied payments with invoices, balances and customers.  

Also new is a vitrual lockbox.The cash application engine features include configurable Cash Application Rules for matching unapplied payments with invoices; CashMatch AIan algorithm for recommending matches between unapplied payments and invoices or balances;Multi-Invoice Application can match unapplied payments to balances across multiple open invoices, with short-pay and over-pay options. In addition, the system provides payment data import via bank feed, lockbox BAI file or spreadsheet while it also automatically detects and processes remittance advice. The virtual lockbox enables check payments to be automatically scanned, deposited, presented within Invoiced, analyzed via OCR and matched via user-defined rules or via CashMatch AI recommendation algorithm. The lockbox requires Checkstream-enabled account provided Earth Class Mail.

Last modified on Thursday, 23 April 2020
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