InvoiceCloud, an EngageSmart solution for online bill payment services, announced enhancements to its Online Bank Direct solution, including the ability to deposit by invoice type, receive single, consolidated deposits, and receive funding for matched payments only, so customers will no longer receive funds that are not matched to an invoice.
“It’s gratifying to work with a partner like InvoiceCloud that is constantly checking in with clients to see how things are going and if they can make any improvements to their platform”
“Being a cloud native solution means that organizations using InvoiceCloud get the latest software updates and features in real time, giving their teams and customers access to the most efficient, intuitive version of our solution available,” said Steve Schult, InvoiceCloud’s Senior Vice President, Product. “These recent Online Bank Direct enhancements are another set of tools that can help billing departments increase efficiency while driving customer engagement and, ultimately, can help their bottom line.”
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New enhancements to InvoiceCloud’s Online Bank Direct are designed to simplify payment reconciliation and limit money movement for billers. With these new enhancements in place:
- Billers will now only receive matched payments with InvoiceCloud’s proprietary smart-match intelligence technology, speeding up payment processing so that staff can spend more time on high-impact projects that improve essential services for customers.
- For payments that do not automatically match, a biller’s customer service representatives can now take advantage of InvoiceCloud’s easy-to-use interface to manually match payments to invoices with just one click. Online Bank Direct then uses machine learning to “remember” the match so that it automatically matches in the future.
- Billers now have the ability to receive single, consolidated deposits and deposit by invoice type.
- Payments will now be deposited into billers’ accounts within 72 hours. By comparison, traditional payment methods can be subject to delays, which can result in late fees or even service shutoffs.
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With factors like the Great Resignation leaving organizations nationwide to take on more work with reduced resources, Online Bank Direct can help organizations conserve valuable time and increase operational efficiency. Since first launching Online Bank Direct in 2012, InvoiceCloud’s biller customers have used it to process tens of millions of payments. Between January 2020 and January 2023, InvoiceCloud estimates that Online Bank Direct’s Auto-Match functionality saved billers nearly 200,000 hours that would have otherwise been spent manually processing paper checks (based on a 40-hour work week, that’s nearly 100 years’ worth of work saved in a three year period)1.
“It’s gratifying to work with a partner like InvoiceCloud that is constantly checking in with clients to see how things are going and if they can make any improvements to their platform,” said Sophia Cardinal, Financial Controller of Truckee Meadows Water Authority. “Online Bank Direct has been a huge time saver for us. Payments that come through the solution are easily matched and the system remembers all account associations, dramatically reducing manual work. The recently unveiled enhancements that include only funding matched OBD payments make the reconciliation process easier. InvoiceCloud truly listens to their clients and provides the best product out there!”
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