Payment Processing Automation

ITESOFT.Ispid is an automatic processing solution that handles payment documents such as cheques, interbank payment orders (TIPs), coupons (OCR or bar code), bank drafts, gift certificates, restaurant vouchers, vacation vouchers and more.

Ispid is designed for three types of clients in particular:

• Companies seeking to rationalise their payment process (cheque-based) and cross-reference their client accounts.

• Financial institutions such as insurance companies, complementary insurance providers, pension funds and vacation funds

• Banks, public revenue services and their financial service providers

Companies: From payment receipt to cross-referencing and bank deposits

Despite a consistent decrease in volume over time, payments made by cheque are still quite common for companies and in B-to-C sectors such as mail order sales. These payments are costly for companies, as they require a high level of paper handling. To avoid wasting value days, companies increasingly need to process payment and handle bank deposits before noon, which can require significant human resource allocation.

With the Ispid solution, you can automate the entire process by:

• Scanning payment documents and sorting them (if supported by your scanner).

• Automatically capturing amounts to prepare bank deposits.

• Cross-referencing client accounts using the information read from cheques (amounts, MICR line, issuer, etc.).

Financial institutions, insurance companies, complementary insurance providers, pension funds and vacation funds

Payment flows are at the heart of document processing activity in your sector. Volume can be extremely high and, given the amounts at stake, issues related to cash and improving value dates are central.

The wide variety of possible combinations in the received flows represents an additional challenge, as they may include simple payments, payments in conjunction with A5 coupons or A4 forms and more. This variety adds complexity to document handling and processing operations. In these situations, Ispid can be used in conjunction with ITESOFT.FreeMind Enterprise for processing heterogenous flow easily. Cheques are extracted faster so they are remitted to the bank without delay, while the document processing is handled without disruption using images.

Banks, public revenue services and their financial service providers

Cheque volumes are extremely high for these organisations and the issues are slightly different: flows generally contain either cheques accompanied by payment forms, or cheque-coupon pairs that must be read and validated together. It is necessary to work with high-speed vertical scanners equipped with multiple sorting trays, and provide files in standard bank formats. Since Ispid was originally designed for this market, the solution handles both cases with ease.

How does it work?

Ispid automatically captures, identifies, indexes and reads the handwritten amounts on cheques, checks consistency of the processed information and enables automatic sorting.  Ispid provides cheque image files and stores the document images so that they are accessible via your DMS.

Unique features at a glance

• Automatic reading of handwritten amounts (courtesy and legal amounts)

• Automatic cross-referencing of client accounts using specific add-on

• Multi-company, multi-bank design

• Compliance with banking standards for depositing cheque image files

• Designed for complete tracking of the entire process

• Integration with ITESOFT.FreeMind Enterprise to handle all document flows accompanying payments

• Document image archive in ITESOFT.Share

• Works with all popular cheque scanners, such as the VIPS product linee have more time for tasks that add value  (piles of paper have been known to create anxieties for many people)