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What is OCR?

In the USA, companies utilise a Bank Lockbox to receive their incoming check payments. The bank opens the post, then scans the checks and payment advices or remittances. They then deposit money into your bank account and create a payment data file (BAI2) which is transmitted to your company for processing in your ERP system. What is missing from this process is you often lose the image of the check and the remittance.

With Cashbook’s OCR Lockbox Import module, we scan the check and remittance images and link this data with the BAI2 file of the bank, or create our own data file using our Partner Abbyy’s OCR technology engine. We can create image recognition by customer and store these image patterns against customers. When we do this our system learns over time how to handle each type of remittance received.

Features

  • Separation of payments and remittances can be handled and automatically linked together.
  • Easily created specific templates and generic templates.
  • Mass validation of numerical values and letters.
  • Confidence percentages on data validation.

Benefits

  • Reduce or eliminate banking key costs.
  • Users can use Cashbook OCR Lockbox for storing check images and remittances for as long as they need.
CONTACT

Whatever your ERP, we’ll fire up its Cash Management engine.
Enjoy an incredible level of automation, functionality and control.

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