Synovus debuted its Synovus Accelerate AR platform called to increase access to working capital and decrease exceptions by the way of straight-through processing throughout every payment channel. The solution is offered with payments and business technology company Deluxe, according to a Tuesday (June 1) announcement.
“Synovus Accelerate AR anticipates the rapidly evolving requirements of organizations to accelerate capture of payments, improve the cash conversion cycle, and make better business decisions,” Katherine Weislogel, Synovus head of treasury and payment solutions, said in the announcement.
Synovus Accelerate AR comes with Synovus Accelerate AR Console, which is an in-depth portal that shows all accounts receivable (AR) activity and serves as the main service module for the Synovus Accelerate AR platform.
In addition, Synovus Accelerate AR Match serves as a straight-through-processing offering that harnesses machine learning (ML) and complex algorithms to automatically connect incoming digital and hardcopy payments with open invoice remittance information.
Moreover, the Synovus Accelerate AR Biller lets payers see bills and pay from a mobile device or internet browser. And the Synovus Accelerate AR Aggregator consolidates payments, digitally provides funds and posting information and leads to expedient, straight-through processing.
And, as part of Synovus Accelerate AR, retail and wholesale lockbox services are accessible as well.
Gary Cawthorne, vice president of treasury management solutions for Deluxe, said that both small and large companies have difficulty with AR efficiency.
“We’re thrilled to be continuing our longstanding relationship with Synovus on this all-in-one cloud solution that not only automates digital and paper processing but improves speed and accuracy during the process,” Cawthorne said in the announcement.
Even though consumer payments have been digitized and have migrated to digital forms, there still exists a “giant, gaping opportunity for B2B payments,” Deluxe CEO Barry McCarthy told PYMNTS on a previous webcast, as over 40 percent of B2B payments are still conducted by paper check.
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