Courtesy of a new partnership between financial services technology solution provider Fiserv and DadeSystems, more banks will be able to access automated account receivables (A/R) technology which they can offer to their commercial clients as either a SaaS or standalone solution.
“Businesses spend too much time manually posting payments to invoices – a process prone to error and costly in terms of time and resources,” VP of Product Management for Fiserv’s Payments Management Solutions division, John Dangoia said. “By offering DadePay AR Automation, we empower financial institutions to further enrich customer relationships by reducing the need for businesses to manually enter payments into their accounts receivable systems.”
Miami, Florida-based DadeSystems leverages machine learning, advanced optical character recognition technology, and its own patented, AI-based algorithms to automate the invoice-to-cash application process. The company’s DadePay AR Automation solution captures both paper and electronic incoming payments automatically, matches them to open invoices and updates the companies’ ERP systems. DadePay also features a mobile AR app and an ePayment portal. Combined, the suite provides faster payment processing with greater efficiency and cash collection, and lower fees.
“Many businesses are demanding new types of electronic payment and data analytics services,” President and CEO of DadeSystems, Bill Zayas, said, “yet their treasury and finance departments are slowed down by manual and outdated processes. Through this relationship with Fiserv, banks can help their business customers overcome these obstacles with technology from a provider they know and trust.”
In its most recent Finovate appearance, Fiserv demonstrated an integration of Samsung SDS biometric authentication and collaboration technology into its Commercial Center: Security solution. The authentication methodology leverages non-duplicative biometric data – fingerprint, voice, and facial scan – to make the user experience more seamless and secure. Real-time video chat, e-signatures, and annotated screen sharing are among the features available via Samsung’s digital collaboration features.
Headquartered in Brookfield, Wisconsin, Fiserv was founded in 1984, and had global revenues of $5.7 billion in 2017. Trading on the NASDAQ under the symbol “FISV,” the firm has a market capitalization of $33 billion.
Lo is a veteran in e-payments and holds a MSc in Telecommunications from The Hong Kong University of Science and Technology.