U.S. Bank has launched VantagePoint™ accounts receivable (A/R) matching, enabling clients to automate their cash posting and reporting. The enhancement is part of a broader digital strategy at U.S. Bank to deliver amazing customer experiences, create new capabilities and streamline everyday tasks for customers.
A/R Matching simplifies and automates clients’ cash application process by analyzing payment data, eliminating exceptions. and reducing manual research. The service uses a client’s open A/R to add missing remittance data to incoming payments, also correcting remittance data errors made by the payer to greatly increase straight-through cash application rates.
“A/R Matching is a perfect example of our digital transformation underway for our clients,” said Sam Robb, senior vice president of Global Treasury Management at U.S. Bank. “Investing in our technology eradicates manual processes and empowers our customers to find solutions that benefit their business.”
Within one integrated solution, U.S. Bank provides a comprehensive approach to accounts receivable management, improving accuracy of posting and saving valuable time for accounts receivables teams.
MSC Industrial Supply is a New York-based metalworking company with operations across North America that has been using VantagePoint since 2016. With an annual revenue of $3.2 billion, MSC averages 100,000 lockbox checks and 20,000 Automated Clearing House (ACH) payments, many involving manual association of remittance with payments from customers.
Prior to VantagePoint, MSC matched roughly 62 percent of electronic fund transfer payments with corresponding invoices. Their partnership with U.S. Bank has allowed them to improve their match rate to nearly 92 percent and is continually improving.
“VantagePoint has played a major role in reducing our manual processing of accounts receivable payments,” Nick Gallo, senior director of credit and A/R for MSC said. “Implementing U.S. Bank’s innovative A/R Matching feature has contributed to further reduction in our exception items, enhanced straight-through processing and allowed us to reallocate staff time to more strategic tasks.”
Learn more about VantagePoint and other products from U.S. Bank.