TORONTO, March 19, 2019 /CNW/ - VersaPay Corporation (TSXV: VPY) ("VersaPay"), a leading provider of cloud-based invoice-to-cash solutions including electronic invoice presentment and payment, automated collections and cash application, announced today that it has launched a new module on the ARC platform that offers enhanced cash application and bank reconciliation capabilities powered 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' emails 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, CEO 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, emails 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, CEO 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."
Cashbook builds intelligent cash management software solutions which maximize the automation of high volume financial transactions. Since 1992, Cashbook has been applying a special blend of finance and technology expertise to maximize the automation of high volume financial transactions for large organisations around the globe. Cashbook's software helps clients create more intelligent, more automated, more feature rich financial operations. Cashbook has led implementations of cash management software solutions in over 25 countries, in a multiplicity of demanding environments, for 100+ global companies and organisations.
VersaPay is a Fintech company and leading provider of cloud-based invoice-to-cash solutions, enabling businesses to provide a superior customer experience, get paid faster, streamline financial operations, and dramatically reduce DSO and costs. VersaPay ARC is the new standard in accounts receivable automation, with a customer self-service environment to view invoices online, collaborate on inquiries and disputes, and facilitate secure online payments (EFT/ACH and credit card). Businesses gain access to a suite of powerful tools that enable efficient collections, cash application and real-time insight into accounts receivable. VersaPay ARC automatically reconciles payments and account information through integrations with a wide range of ERPs and accounting software providers.
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SOURCE VersaPay Corporation
For further information: John McLeod, Chief Marketing Officer, VersaPay Corporation, 647-258-9406, [email protected]; Babak Pedram, Investor Relations, Virtus Advisory Group Inc., 416-644-5081, [email protected]