Update at a Glance
March 30, 2007
Payment and Remittance Reassociation Service Expands to Include All Payment Types
Mellon Working Capital Solutions (WCS) has expanded its RemEDI® Reassociation service, which matches electronic payments with associated — but separately delivered — inbound remittances from trading partners. The service, previously limited to matching (or reassociating) only automated clearing house (ACH) payments, now handles credit card, wire transfer (domestic and international) and check payments as well.
Additionally, the service can now match payments with remittances received in a variety of electronic formats, including EDI (electronic data interchange), proprietary and XML.
By helping your organization receive complete and accurate payment information — in a variety of payment and remittance types — Mellon RemEDI Reassociation can help you further improve your receivables posting rate, strengthen your cash forecasting and enhance trading partner relationships.
With the service, your organization can benefit from:
- Accurate Information — Because you choose the matching criteria to reassociate the payment and separate remittance information, and the information is reported electronically, you can reduce the number of errors associated with manual entry and improve your receivables posting rate.
- Strengthened Cash Forecasting — You have the option to receive a pre-advice of either payments and/or remittance information that can be used for cash forecasting or credit review purposes. Also, you can request that unmatched payments and/or remittances be transmitted to you on demand to enable the investigation of unmatched transactions.
- Improved Customer Relations — The accurate payment information the service provides reduces time spent on payment inquiries, research and customer follow-up calls. As a result, trading partner relationships may improve and payment-receipt disputes may be minimized.
To learn more about how Mellon RemEDI Reassociation can help elevate your receivables process to its full capacity, contact our working capital management experts at 1 800 424-3004 or e-mail us at wcs@mellon.com.