Manual – it's a word that business owners and factors are attempting to erase not only from their businesses but also their lips! Manual efforts create human errors that cost time and money. For years, much of the financing industry has relied on manual methods, but as technology advances, so must the industry.
Jack Henry™ now offers embedded technology in FactorSoft™ – a web-based accounts receivables factoring tool – to automate your invoice entry and payment posting. With FactorSoft Document AI, you can import PDF or image files of invoices and payments directly into the FactorSoft platform with the click of a button. Images can be submitted by the client from their portal or uploaded internally by the FactorSoft user. Either way, there are multiple paths to get to the same destination. And FactorSoft not only reads invoices and payments but levels up optical character recognition (OCR) technology with embedded banking artificial intelligence (AI).
Think about what machine learning can do for your invoices and payments: it gets better every time – just like humans do with practice. The first time FactorSoft reads an image, it may need a little bit of “coaching” to ensure it’s reading the logo and dollar amount correctly. But the next time the same client uploads an image, maybe only a minor adjustment needs to be made – or none at all. By the third upload, FactorSoft technology has effectively been “coached,” meaning you no longer need to offer a helping hand to read the information or plug the information back into FactorSoft.
Being able to discern the optical quality of documents helps assess which documents must be processed differently based on their quality – making the overall document processing pipeline more efficient.
For example, Gary Lewis, Managing Director of Lending and Deposit Solutions at Jack Henry, says, “Google’s Document AI technology, enriched with Intelligent Document Quality (IDQ) signals, will help businesses automate the data capture of invoices and payments when sending to our factoring customers for purchasing. This creates internal efficiencies, reduces risk for the factor/lender, and gets financing into the hands of cash-constrained businesses quickly.”
This new enhancement works with any PDF document or image (scanned or digital). It includes several layers of business logic to handle any errors, ensure all totals balance, and that watermarks, page rotations, and low-quality images don’t cause unnecessary headaches. With full integration, you’ll never have to leave FactorSoft to handle your invoices and payment posting.
Connect with our factoring experts to learn more about how you can automate invoice processing.
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