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Remittance Processing Systems includes greater involvement of transaction processing workflows
Due to advances in technology, and changes in payment processing methodologies, traditional remittance processing systems have matured to include greater involvement in transaction processing workflows.
In addition to accepting and crediting payments to an account, today's transaction processing industry, systems are much more complex. Remittance is now tied directly to financial database accounting systems, production and inventory controls and a range of customer service information systems.
These networked systems allow customer service agents in an organization's front office to directly access the financial details of a transaction in real-time. For the banking industry, financial services industry, and utility service industry this enhanced customer service capability is not just a luxury—consumers now expect it.
In addition to improved customer service, linking accounts receivable data to an organization's front office, offers better float management (access to funds) maximizing cash flow.
Seemingly disparate systems such as imaging and data capture, remittance processing, payment lockbox, and customer service can be linked in an integrated transaction processing system. Each transaction from order to archive can be managed from a centralized perspective.
TAWPI's Affiliate members offer a host of integrated products that work together to manage transactions. Not only payment information, but associated customer records can be included (and instantly available) for access.
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