GTNews (12/15/05) identifies important trends driving process receivables improvement. New regulations and messaging standards are improving straight through processing (STP) success. Highlights are as follows:
– Corporations and providers face an ever increasing variety of payment methods. The desire to receive payment from customers in whatever format is easiest for them adds complexity to receivables and increases the scope of exceptions processing.
– Receivables automation and STP lag behind payables automation. Automatic application of receipts is challenging but as remittance data starts to flow through the payment networks and banks offer increasingly accurate matching capabilities corporate clients are benefiting.
– Other trends noted include value add lockbox services, increasingly sophisticated receivables outsourcing providers that can handle a combination of paper and electronic remittance processing, and increasing interest in receivables securitization.