Outsourced Processing Accelerates Payments Flow, Lowers Costs
How Can Digital Enablement Make the AP Process Leaner, Faster, and Smarter
AP And AR Automation Solutions Enable Retailers to Impart Best Practices and Optimize Cash Flow
From September 23 to 25, the best, brightest, and most innovative fin-tech professionals descended upon New York City for FinovateFall 2019, a major cutting-edge conference showcasing the most promising financial and banking technologies. Finovate conferences consistently attract the largest, most high-impact financial and banking executives, so Exela was thrilled to be a part of this latest one.
Check out the Press Release with all the details here.
Debut of Exela’s Real Time Payments Platform
For FinovateFall 2019, Exela was honored to present its new Real Time Payments Platform, a full-service, fully-integrated real time payments (RTP) platform. Exela’s innovative and highly intuitive take on RTP is designed to integrate billing and payment processes on one easy-to-use platform, securely streamlining go-to-market strategy. Salar Salahshoor, Director of Product Marketing, and Hishaam Siddiqi, Product Marketing Specialist, presented a riveting demonstration that began with the provocative question:
How effective is a payment system without interoperability?
Instantaneous and secure payment transactions, now with interoperability
“In 2017, this industry promised “real time payments” as the future, offering instantaneous and secure transactions,” Salahshoor stated. “However, because of the high cost and complexity of integration, many banks have been slow and unsuccessful bringing RTP to market. And what happens every time we do come out with a new payment system? It’s bolted on as a standalone solution without thinking about interoperability.”
“We’re here today to tell you about a Real Time Payments system that goes beyond the transaction.”
Salahshoor and Siddiqi proceeded to demonstrate how the Real Time Payments Platform is designed with the much-anticipated interoperability built- into the design. “It’s an integrated RTP platform that includes everything from bill rendering to receivables management,” Salahshoor explained, “integrating with everything from bill rendering and presentation to receivables management, providing you with more control over your entire payment ecosystem.”
How’d we do that?
“Exela is able to successfully deliver this because we are one of the largest global providers of transaction processing solutions,” Salahshoor and Siddiqi pointed out during the demo. “Our financial technology is deployed in over a thousand banks, including the top 10 US banks, processing more than 60 million transactions every day.”
Just one week after FinovateFall 2019, Exela proudly announced its partnership with Vocalink, a Mastercard company, to deliver a “Request to Pay” platform enabling consumers to receive payment requests, view bills, communicate with vendors regarding payment requests, and make real-time bill payments. Leveraging structured data to foster increased transparency and simpler reconciliation, Request to Pay is set to launch in the first quarter of 2020 and stands to serve as a core component in PAY.UK’s “new payment architecture” (the U.K.’s new conceptual model for the future development of the shared retail payment infrastructure).
Fascinated? Then check out Exela’s full line of Banking and Financial Services Suite here.
For more on Finovate, please check out this blog from the spring of 2019, where we discuss FinovateSpring 2019, at which Exela debuted our BFSS solutions. The BFSS solutions use a uniquely designed presentation layer and strong technology workflow to improve liquidity, working capital and compliance for domestic banks, global banks, and large domestic and international companies.
To set up a meeting to examine how our innovative business process solutions can optimize your business—or even just a tour of one of our Exela Innovation Centers, please email salar.salahshoor@exelatech.com.
And please stay tuned for an upcoming video demonstration of how Exela’s Real Time Payments platform can streamline your go-to-market strategy.
While technology can’t eliminate taxes, it can make the process seem a whole lot less painful—for both taxpayer and tax administrator. That’s what we were celebrating on Monday, August 12, 2019, when Exela hosted a lunch at Andiamo on Detroit’s breathtaking riverfront in conjunction with the FTA (Federation of Tax Administrators) Annual Technology Conference and Exhibition.
The FTA has been around since 1937, working to improve the quality of state tax administration. In recent years, technology has played a key role—transforming data, documents and records into mission-critical content, supporting complex information processes at all levels, and streamlining all aspects of customer communication. A leader in this space, with a current count of 39 state agencies and 15 departments of revenue/taxation among our customer roster, Exela was delighted to host agencies from all over the country for a satisfying “chat-and-chew” featuring delicious food, breathtaking views, and insights into some of what’s trending in tax administration transformation, including:
To give you a sense of how this all translates into real life, here’s an actual case study of how Exela gave Alabama’s Department of Revenue a brand new, automated tax return processing system that reduced average tax return turnaround from 14+ days to less than 48 hours and added up to more than $2,000,000 in annual savings through W-2 fraud detection and prevention. Waving bye-bye to legacy systems (which enabled backlogs, duplication, error, and fraud) and the high cost of tax-season hiring, the Department also managed to relieve itself of 30,000 square feet of warehouse space.
Of course, that’s just one example of how we’re transforming tax administration, a practice that comprises, at present:
Want more information on how Exela is bringing technology to bear in tax return processing. Read the whitepaper here. For more information on upcoming events Exela is hosting or participating in, check our Events page here.
A national health care company was processing more than 50,000 invoices a month. It wanted to improve customer service and patient care across its 308 urgent care facilities. To accomplish this, the company needed to transform its paper-based Accounts Payable workflow, which was causing documents to be lost and payments to vendors delayed. AP workflows among the facilities lacked standardization, integration and visibility. And, there was no efficient system for collecting information from a large number of invoices at once. The company was also unable to find invoices when there was a discrepancy. By automating their AP process, Directors at each center could now re-focus efforts on helping patients.
To achieve its goals, this company decided to replace its existing AP process with an entirely automated workflow. It selected Exela's end-to-end cloud-based BancPay solution for its exceptional invoice management capabilities. Featuring a user-friendly interface, the solution provides easy access to invoice images for routing and approval. As an added benefit, the company's suppliers can check the status of invoice payments online, facilitating greater communication and workflow management.
Exela helps reimagine reimbursement operations for major academic health system by enabling omni-channel intake, digital processing, and improved workflow management.
Major academic health system’s payment operations were mired in manual processes prone to error and document loss. Difficulties included the ingestion of both physical and digital information, high overhead related to technology, staffing, real estate, and storage, and integration with legacy systems (Epic)
Managing disparate data sources
Maintaining compliance with HIPAA
Need for holistic approach to process revision
Exela’s Patient Financial Services suite was able to digitize clinical and back-office documents to help optimize workflows, data management, and reimbursements, while also reducing operating costs.
Common intake platform capable of handling paper and digital channels
Document digitization, optical character recognition, and intelligent data extraction
Unified online portal used to query, view, and download reimbursement documents
Direct provider and payer connection to facilitate appeals management and integration with EHR system to improve efficiency
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<p dir="ltr">25%+ reduction in full time employees</p>
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<p dir="ltr">30%+ increase in collector efficiency</p>
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<p dir="ltr">$4.3B+ net patient revenue serviced through Exela’s PCH platform</p>
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<p dir="ltr">Claims and correspondence analytics help to increase cash collection, reduce AR days, and increase employee productivity</p>
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<p dir="ltr">Reproducible, scalable model across all PFS departments</p>
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<p dir="ltr">Downstream opportunities for underpayments recovery</p>
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Exela offers proprietary software, web platforms, applications, and machine learning systems that work individually or in combination to offer superior money management solutions, streamlined and automated workflows, improved risk mitigation strategies, optimized cash flows, and enhanced data collection, analysis, and reporting.
