Cash application has historically been a necessary but often labor-intensive part of the receivables process. Once a payment arrives, accounts receivable teams must determine which invoices it belongs to, verify remittance information and resolve discrepancies before cash can be applied correctly.

As businesses receive higher volumes of payments across a growing mix of payment types and channels, reconciliation has become increasingly complex. As a result, teams often spend valuable time manually moving between systems and matching data, instead of focusing on higher-value strategic work.

To help clients streamline cash application, J.P. Morgan Payments has launched Receivables Matching, a solution that uses configurable matching technology to automatically match incoming payments, remittance information and open accounts receivable data. By bringing these data sources together, businesses can reduce manual effort, accelerate cash application, and improve visibility into receivables activity.

"Receivables Matching simplifies one of the most complex and bifurcated parts of the receivables process by combining matching, exception management and reporting into one solution built entirely in-house by J.P. Morgan Payments. For clients, that means greater automation without having to replace the technology they already use, helping them operate more efficiently while gaining greater visibility into incoming cash flow," said Michelle Conklin, Head of Receivables and Public Sector, J.P. Morgan Payments.

For companies managing large payment volumes, those efficiencies can have a meaningful impact.

Grimco, a national distributor of sign, graphics and printing supplies, implemented Receivables Matching to help simplify its reconciliation process. After implementation, the company reduced manual review time by more than 60% and saw approximately 95% fewer errors requiring manual intervention.

"Everyone on our team has been incredibly impressed with how quickly payments are posted now. That kind of speed and reliability has genuinely transformed how our AR team operates," said Donna Kirtian, Chief Financial Officer, Grimco.

Receivables Matching is part of J.P. Morgan’s Receivables Online suite of reporting and reconciliation solutions. Receivables Online is a digital receivables management and account reconciliation solution accessed through J.P. Morgan Access® .  Receivables matching is currently available to clients in the U.S. and Canada.

Learn more about J.P. Morgan Receivables here and check out this video to dive deeper into the product.