InvoiceCloud, a leading provider of digital bill payment services, has announced a significant upgrade to its Online Bank Direct (OBD) solution, designed to simplify payment processing for billers and enhance the financial experience for customers.
Optimizing Payment Processing:
The latest enhancement to InvoiceCloud‘s OBD solution introduces automated payment separation based on invoice types, revolutionizing cash application and reconciliation processes. This innovation promises faster access to funds and improved financial transparency for both billers and customers.
Commentary from InvoiceCloud:
Steve Schult, Senior Vice President of Products at InvoiceCloud, emphasized the continued significance of financial institution bill pay systems in online payments. He stated, “Our new enhancement caters to this reality by offering unparalleled deposit control, significantly reducing manual effort and accelerating cash flow.”
Insights from State of Online Payments Survey:
InvoiceCloud’s recent survey, conducted in collaboration with Regina Corso Consulting, provided valuable insights into online bill payment trends:
- 43% of respondents reported using financial institution bill pay systems for online bill payments.
- 17% of respondents prefer paying bills directly on their financial institution’s platform, demonstrating a strong preference for this payment method.
- Survey data indicated that households with higher-than-average annual income showed a stronger inclination towards using financial institution bill pay systems.
Benefits of the Enhancement:
Prior to this upgrade, OBD consolidated all payments into a single deposit, posing challenges for billers with diverse invoice types. With the new feature, payments are automatically categorized and deposited into corresponding bank accounts based on predefined rules set by the biller. This results in:
- Faster Reconciliations: Billers can efficiently match payments to invoices, saving time and resources.
- Improved Cash Application: Funds are promptly directed to the appropriate accounts, facilitating quicker access to working capital.
- Enhanced Efficiency: Streamlined processes enable employees to focus on high-value tasks.
- Greater Insight: Detailed deposit data offers valuable insights into customer payment behavior and preferences.
Conclusion:
InvoiceCloud’s enhanced OBD solution reflects a commitment to innovation and efficiency in payment processing. By addressing the specific needs of billers and customers, this upgrade sets a new standard for streamlined payment solutions in the digital era.
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