Supplier Connectivity via PayNetExchange
Accurate payments processing and communication of remittance advice to vendors or suppliers can vastly reduce costs of each payment. According to the Aberdeen Group the best in class companies are averaging below $2.00 per transaction while the worst case is showing in excess of $50.00. In some countries B2B payments made by check remains over 65%. Much of this is as a result of the fact that there has not been an easy way to obtain and mange vendor data.
AvantGard's PayNetExchange offers the first truly practical means to transition AP disbursements to electronic payments. Breaking down traditional barriers to electronic payments, AvantGard PayNetExchange can immediately reduce your payment costs, reduce check fraud, and increase payment efficiencies.
AvantGard PayNetExchange is a complete integrated electronic payment solution delivering significant value to Payers and Payees. As your payments relay across the wires from your bank to various Payee bank deposit accounts, the AvantGard PayNetExchange service automatically generates image and data remittance information corresponding to each.
Notified via email, the vendor or service provider being paid links to the AvantGard PayNetExchange site to view, print, or save the remittance advice. They can even download the data in their specified accounts receivable system data format. Designed to easily work within existing banking relationships, AvantGard PayNet Exchange is non-proprietary, Web-based, quickly integrated, easily managed, fully secure, and can "plug in" to virtually any accounting system.
Using the AvantGard PayNetExchange application, an A/P user uploads a payables data file. Analyzing the data, AvantGard PayNetExchange first splits the file, differentiating disbursements to be paid by ACH, Wire or SWIFT from those to be paid by check. Passing electronic funds transfers, such as ACH payments on for routing to the vendor’s bank, the associated remittance data is forwarded directly to the vendor. The system will leverage the SunGard Vendor Database to optimize least cost routing of payments.
Unique to the AvantGard PayNetExchange approach, an electronic remittance advice is available with each electronic payment created, in a format for potential importation to a Payee’s A/R system. Remittance handling is another key advantage to the AvantGard PayNetExchange solution.
Features:
- Fully Web Based Application Accessible via a Portal
- Centralized Vendor Database to Support Migration to Electronic Payments
- Automatic Parsing or Splitting of Payment Types (SWIFT, ACH, Wires, Checks...)
- Comprehensive Transaction Archive & Online Storage
- Generates Remittance Advice for Payee's A/R System
Benefits:
- Improved Accuracy in Payments Processing
- Lower Operational & Transaction Based Costs
- Leverage Least Cost Routing of Payments
- Expedite Conversion from Check to ACH
- Improve Communications with Your Suppliers
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