VersaPay launches new module for ARC platform VersaPay launches new module for ARC platform
2019-03-19 07:20 ET - News Release
Mr. Craig O'Neill reports
VERSAPAY LAUNCHES CASH APPLICATION AND BANK RECONCILIATION MODULE POWERED BY CASHBOOK
VersaPay Corp. 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 a true 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' e-mails and vendor websites, and reconciling bank statements with accounting books and records.
"We are excited to work with VersaPay to offer the most complete invoice-to-cash solution on the market," said Greg Coulter, chief executive officer of Cashbook. "Cashbook has been delivering time-tested cash application solutions to Fortune 1,000 companies in more than 25 countries for over 16 years, and combining this long experience with VersaPay's innovative platform for AR automation makes tremendous sense."
ARC's 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, e-mails 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.
"Since introducing ARC in 2015, VersaPay has constantly looked for new ways to automate more of the invoice-to-cash process. By partnering with Cashbook we now have complete coverage of the AR cycle," stated Craig O'Neill, chief executive officer of VersaPay. "Augmenting VersaPay's innovations with Cashbook's nearly two decades of experience dealing with an extensive list of payments sources, banks and ERPs means we can deliver the only seamlessly integrated end-to-end solution for streamlining AR."