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AFP 2022 Blog

AFP 2022 Blog


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Reimagine Your Receivables with Digital Technology

Sep 6, 2022

By Glenn Chernyak, Head of Core Cash Receivables, J.P. Morgan

The pace of receivables modernization shows no signs of slowing. Companies today are under increasing pressure to be able to offer their customers a variety of options to transact digitally, while also delivering value-added services.

This trend is rapidly impacting treasury management. Managing, processing and reconciling receivables is critical to any business. As the market innovates, there is a need to stay ahead.

For example, companies that are opting to move their accounts receivable process, whether C2B or B2B, to a digital engagement platform are reaping the benefits such as:

Freeing Up Cash

Digital bill & invoice solutions enable companies to receive and process receivables faster, making them less reliant on other more expensive credit instruments to fund working capital.

Improving Customer Experience

Electronic bill presentment and payment (EBPP) and electronic invoice presentment and payment (EIPP) solutions enable customers to receive bills and invoices via multiple channels and pay them in their preferred method of engagement with you. This can increase customer satisfaction scores and loyalty. Plus, it can decrease back-office burden from cash application and servicing payment-related inquiries.

Minimizing Total Cost of Ownership

A single omnichannel solution can reduce the overall cost of deploying, maintaining and upgrading EBPP/EIPP platforms. Bank-backed platforms have proven to provide billers with increased security, risk mitigation and compliance through rigorous vendor reviews combined with the innovation of an industry-leading fintech.

Pivoting Business in Real-Time

EBPP/EIPP solutions enable you to have visibility into data-driven insights to execute in response to customer and receivable trends in your business.

To illustrate some of these benefits, in the AFP 2022 session “Reimagine Your Receivables with Digital Technology” we will present on digital receivables trends, including a detailed case study in partnership with Avalon Bay Communities on decisioning innovative digital bill payment solutions that meet the increasing need for receivables and payment transformation. We will focus on best practices for expanding a customer engagement channel network to enhance the customer experience by offering a greater variety of modern payment initiation methods.

Hear how Avalon Bay Communities sought to implement an innovative receivables solution and offer their tenants a better way to pay. Avalon Bay understood that their tenants needed increased digital payment options, and they themselves would benefit from increased flexibility for their tenants. Their best course of action was to engage an integrated receivables solution. The modern platform supports tenant engagement, bill presentment and payments through multiple channels.

Now utilizing the digital solution and continuing to onboard additional communities, Avalon Bay is reaping the benefits. They are managing receivables more efficiently and minimizing total cost of ownership by using one provider, all while engaging with tenants through their preferred channels and payment methods.

Questions addressed:

  • What are the latest trends in receivables modernization and how are they impacting the marketplace? How can companies work with bank and fintech partners to take advantage of the latest digital bill payment and presentment solutions?
  • How do features such as integrated payment reminders, auto payments, broadcast/campaign messaging and real-time reconciliation reporting help position companies for future innovations?

These questions will be covered from three perspectives: a bank, a fintech and a client. Gain insights from J.P. Morgan, Paymentus and Avalon Bay on how digitizing payments is crucial to business growth. Learn how you can deliver an integrated solution for client needs beyond simply accepting payments, for a more strategic offering and improved customer experience.

Register for AFP 2022 by September 16 to save $350.