Commercial Treasury Solutions

VICOR RIDS

Optimizing complex payments

Today’s payment processing environment is complex. Lack of standards, large volumes of payment instructions, and multiple payment types --both electronic and paper -- are just some of the challenges banks face today.
DATA ENTRY AUTOMATION VICOR RIDS provides industry-leading automation capabilities, saving customers over 2 billion keystrokes annually. Through advanced, proprietary Intelligent Character Recognition (ICR) technologies that automatically populate fields and detect keying errors, VICOR RIDS data entry automation lowers errors and reduces manual processing. VICOR RIDS, the most advanced receivables processing solution in the industry, optimizes the complex payments process by consolidating multiple payment types into one stream, automating data entry, and offering products that support a distributed workforce. Professional robot Keying reads machine-printed and handwritten characters on checks, invoices, and other payment documents for conversion into digital data.
MULTIPLE INPUTS, NUMEROUS OUTPUTS Forms Processing enables the automation of data capture from pre-defined payment-related information such as that found in transportation, government, and healthcare processing RIDS enables professional processors to consolidate paper-based transactions with electronic payments -- such as ACH, EDI, credit card, and wire -- providing customers with a single point of access to all their lockbox data. All transactions are processed through the system, with automated, customer-defined publishing capabilities that provide clients with same-day delivery of all their receivables information in a variety formats, including Internet, CD-ROM, DVD, BAI transmission, fax, or printed reports. Multi-Tiered Keying is a sophisticated automated data entry tool used for documents that contain a hierarchy of related multi-level data elements, such as Healthcare Explanation of Benefit (EOB) documents. Remitter Lookup saves keystrokes on repeat remitter names by identifying the remitter from the MICR line on incoming receivables. Payee Error Detection reduces payee errors resulting from checks deposited into the wrong lockbox account, thus saving the cost of the labor normally required to fix the problem after the fact.
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