Corcentric Announces Straight Through Processing with their New Accounts Receivable Automation Solution

Service Captures Data from Checks and Remittance Advice at a Significantly Lower Cost. End Quote

For companies that are manually reconciling payments, our solution will drastically reduce overhead costs and dramatically speed up cash allocation. If they're currently using a bank or service to perform the remittance data capture, they are paying significantly more than they should. We are able to reduce their costs by 50% for the same service

(1888PressRelease) November 11, 2010 - McLean, VA - Corcentric, a leading provider of accounts receivable automation and helping companies reduce the costs associated with processing business-to-business transactions, today announced a new check imaging service to help automate the reconciliation process to complement their accounts payable automation solution. Data is digitally captured from checks and remittance advice at a cost that is 50% less than what others charge for the same service.

By implementing Corcentric's check imaging solution, companies are able to convert from a paper-intensive process to a more efficient electronic method providing straight through processing with their accounting systems. This solution reduces operating costs and streamlines the distribution of information; giving companies a competitive advantage by improving cash flow and operational efficiencies that allow them to make deposits available in a shorter period of time.

Corcentric translates scans of the checks and remittance advice and extracts the data using new and improved proprietary technologies, which further validates and crosschecks data to ensure accuracy. The information is then formatted and made available to be imported into the client's accounting system as part of the accounts receivable automation process.

"For companies that are manually reconciling payments, our solution will drastically reduce overhead costs and dramatically speed up cash allocation. If they're currently using a bank or service to perform the remittance data capture, they are paying significantly more than they should. We are able to reduce their costs by 50% for the same service," stated Dave Lindeen, Vice President of Corcentric.

Corcentric is a leading provider of financial process automation solutions, specializing in accounts payable automation. By creating a paperless conduit between Procurement, Accounts Payable, Accounts Receivable, and suppliers, Corcentric allows companies to immediately manage 100% of their invoices electronically. Our cloud-based (SaaS) architecture allows for solutions to be configured in days rather than months for rapid return on investment.

Corcentric was founded in 1998 and is headquartered in McLean, Virginia with offices in Cherry Hill, NJ; Oakbrook Terrace, IL; Coral Springs, FL; and Saddlebrook, NJ. More than 3,000 companies rely on Corcentric solutions to automate their business commerce needs.

For more information on Corcentric, call 630.925.7677 or visit www.corcentric.com.

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