Cforia has released Machine Learning and AI Driven Automated Reconciliations, Advanced Matching Workflow and Cash Application, dramatically improving Working Capital results
Los Angeles, CA and London, England – Cforia Software, Inc., is a world leading provider of software and services for automating global Order-to-Cash business processes, announces the availability of two new applications:
- Cforia.autonomy™ Intelligent Cash Application
- Cforia.autonomy™ Intelligent Bank Reconciliations
“With the integrated release of the Cforia Cash Application and Bank Reconciliation Modules, Cforia.autonomy™ has extended our straight-through-processing capabilities for Zero-Touch Posting of EDI, EFT, ACH, PCI Compliant Credit Card, Direct Debit, Lock-Box and Cash payments.” Said Chris Caparon, CEO, Cforia Software.
Cforia is focused on improving Accounts Receivable Portfolio Management, increasing the efficiency of thousands of Credit, Collections, Disputes and Deductions resources in over 100 countries. Today with these proven and globally deployed Cash Application and Bank Reconciliation capabilities, Cforia’s disruptive technology platform, Cforia.autonomy™, extends its coverage for a completely new approach to how finance teams work more efficiently and interact more productively with Clients as well as more collaboratively with other internal departments.
For seventeen years Cforia has been the leader in global Credit, Collections, Dispute Manage and Cash Forecasting software, where multi-country, multi-currency and multiple billing systems presented significant challenges. Cforia’s unique approach to building globally capable order-to-cash systems, provides solutions that solve the complex system challenges of today’s global enterprises.
Cforia has partnered with AutoRek, a leading provider of global financial, operational and regulatory reporting software, to deliver the next generation of fully integrated and end-to-end order-to-cash solutions. This integrated AI and RPA Cash Application capability, provides the facility to identify and match payments received with Zero-Touch Straight-Through-Processing (STP) Postings of EDI, EFT, ACH, PCI Level 3 Compliant Credit Card, Direct Debit, Check and Lock-Box, as well as Cash Payments.
Cforia and AutoRek combine globally proven Intelligent Algorithms with new OCR Machine Learning technology, to increase the efficiency of critical data capture for more accurate payment matching. We also make these AI generated matches reviewable, pre-posting to the system-of-record. This approach eliminates the problems being caused by cloud-based cash application mis-match, which causes unwanted and unproductive manual-rework within the billing systems. This proven ability combines Artificial-Intelligence with Human-Intelligence for First-Time-Right Decisions, which greatly impacts functional match-rates and produces higher efficiency within Cash Application, Bank Reconciliation and Regulatory Compliance processes.
For over a decade Autorek has been auto-posting cash and facilitating large-scale financial institution bank reconciliation and regulatory reporting for some of the largest institutions in the world. Payments received from global bank accounts are validated against earned versus unearned discounts, using Cforia’s intelligent Clean-Receivables Algorithms, which enables applying settlements faster with shorter dispute adjudication cycles-times.
“This very much made our decision to completely integrate our solution into Cforia.autonomy™ a snap” continues Gordon McHarg CEO of AutoRek. “Not only will our customers benefit from this partnership, but the opportunity of new customer acquisition is considerable, particularly in North America where the demand for a ‘single vendor solution’ is so high.”
About AutoRek www.autorek.com
AutoRek provides financial controls, regulatory reporting and data management software solutions. Our solutions are purpose-built to improve the quality and efficiency of financial data management, from cost reduction and process efficiency projects, to improving adherence to regulatory reporting requirements. Implemented in many of the world’s largest organizations, our range of deployments vary from high volume data migrations, elimination of manual processes and spreadsheets, regulatory reporting, reduction in Fast-Close Processes, to mitigation of operational and regulatory risk.
The Cforia platform uses Artificial Intelligence (AI), Learning Algorithms and Robotic Process Automation (RPA) to rapidly model working capital outcomes and efficiently assign optimized workloads. Cforia pioneered Capacity Driven Headcount Management and we continue to improve on the scope, features and function of User-Interfaces. Within seconds, management is reassigning finance priorities for individual finance resources or global financial shared service center (FSSC) teams. Using AI and RPA, with dynamic Customer Segmentation and Treatment Strategies, Cforia is assigning global team priorities and measuring performing against evolving order-to-cash models in seconds.
About Cforia www.cforia.com
Cforia Software, Inc. is a global software and services provider, delivering world leading order-to-cash solutions to over 250 enterprises in 117 countries, managing $425 billion in A/R turn-over. For seventeen years Cforia has led global delivery of superior technology integrated with proprietary real-time data integration tools across complex and disparate billing systems. Cforia.autonomy™ delivers Cash Application, Bank Reconciliation, Customer Self-Service Portals, Capacity Driven Headcount Management, Collector Snapshot Workbench, Credit On-Boarding and Application Processing, Global Credit Risk Roll-Up, Order Hold/Release Management, Clean vs. Dirty Receivables, Multi-Language/Currency, Global Parent/Child Hierarchy, Collaboration and Dispute Lifecycle Management. The new Cforia Next Generation Data Connectors (NGDC) simplify implementation and reduce IT support requirements. Cforia.autonomy™ empowers Finance Departments to independently manage their order-to-cash workflows, electronic dunning correspondence and credit and collections business logic and business best practices and analytics, without relying on an overburdened IT staff or expensive external resources.