VersaPay provides of cloud-based invoice-to-cash solutions including electronic invoice presentment and payment, automated collections and cash application, announced today that it has launched a new module on the ARC platform that offers enhanced cash application and bank reconciliation capabilities powered by Cashbook.
With the introduction of this new module, ARC provides an end-to-end solution for invoice-to-cash, automating all steps in the process for all types of payments, including gathering remittance data from customers emails and vendor websites, and reconciling bank statements with accounting books and records.
ARCs new Cash Application module powered by Cashbook automates all payments, even those made outside of the platform. Remittance data can be gathered from a wide variety of sources, including lockbox files, emails and vendor portals, payments are automatically matched and reconciled, and deductions are identified and managed. Furthermore, ARC can now connect to over 200 banks worldwide and automate the reconciliation of payments with bank statements.
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