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Remittrac® Solutions Suite

> Overview

RemitTrac® offers a comprehensive Solutions Suite that fits your unique needs to ensure the perfect configuration – one that is flexible, scalable and easy to implement and manage. The goal is to provide you with the right combination of hardware and our applications to give you the best solution for your current needs, and also to give you a platform that is capable of evolving as your needs change and your business grows.  With RemitTrac® you are not locked into a fixed configuration but have the ability to add capabilities when you want to.  Whether you have multiple sites in remote locations where payment transactions are collected at each one or a high volume centralized site, our RemitTrac® solutions suite can dramatically improve your efficiency, increase revenue and/or lower costs.

The following is a list of currently available modules, both standard and optional, to enhance system performance and improve efficiencies.

I-Capture

RemitTrac®’s  Forms Processing and Intelligent Character Recognition (ICR) capability, features several components to provide flexibility and ease of use. These features include free form unstructured ICR and form processing capabilities as well as directive data entry from image.

Data Lookup

One of the more powerful and flexible features in data entry is lookup tables. Lookup tables and substitution tables are used extensively to minimize data entry requirements. These tables can be indexed on any fields including any MICR fields, any OCR fields, any data entry fields (via operator entry or ICR/OMR), and any derived/combined fields. There is no limit to the number of lookup/substitution tables employed per form, or on the number of looked-up/substituted fields.  Any captured or keyed field can populate multiple fields of information from the lookup table.

Perfect Post

Perfect Post is yet another module to simplify data entry tasks. It allows for the automatic population of city/state address fields from the zip code.  It also validates the street address fields to ensure address correctness, eliminating errors and saving time and keystrokes.

Unstructured Free Form Recognition

ImageScan now provides you the ability to capture and process data from structured and unstructured forms through Free Form recognition technology. Historically, forms processing programs have required predefined templates in order to process documents. However, with the Free Form capabilities, users can capture data from unstructured forms. This functionality is extremely valuable since it is common for the location of data within a document to vary from form to form. Free Form technology can capture information regardless of its location on a document, with technology that employs fuzzy logic to locate particular data types on unstructured forms or documents to extract required information. The user is able to define key word searches in a particular zone area of the form and extract the data from varying positions. These data types may be similar in content, but are located in different sections of the form as commonly found on invoices and purchase order forms.

Medical EOB/EOP (Explanation Of Benefits/ Explanation of Payments) Processing

ImageScan’s specialized Free Form technology, gives you an unparalleled ability to recognize and process data from structured and unstructured EOBs and EOPs. No longer does it matter if the same data elements are not in the same position on every form — Free Form can find the data and ensure it is verified and processed accurately, all without manual intervention, loading multiple document templates, or custom programming.

Receivables Matching
Receivables Matching helps eliminate exceptions by comparing incoming payments with the accounts receivable file from a processor’s end customers. By comparing every payment with a customer’s balances due and account numbers, Receivables Matching reduces error rates and delays in applying and depositing funds. In addition, since the receivables file can include instructions on processing rules and destination accounts for each expected payment, processors have the chance to reduce errors and increase customer satisfaction even further.

Decisioning

Decisioning allows the end customer to make the final call on whether or not an item should be paid or processed — online, in real time. Using Decisioning, every end customer makes his or her own decisions and applies his or her own business rules and formulas to items that require their input. In addition, using Decisioning’s Web-based  interface, the processing center can get timely access to missing information about a transaction that will speed completion.

Event Notification

Notification provides images of items and transaction data requiring customer special attention or input via a web interface. Customers can simply be notified when a payment conforming to a certain criteria has been processed. Customers are notified via e-mail, pager, or another alerting mechanism whenever a notification needs to be made.

CAR/LAR/MCAR

Courtesy Amount Recognition/Legal Amount Recognition (CAR/LAR) is the automated recognition of human or machine printed (MCAR) courtesy amount fields from images of documents (e.g., checks) in order to replace an instance of manual amount entry.

Mark Sense/Optical Mark Recognition (OMR) Processing Module

OMR processing provides the ability to detect, and assign values to defined zones. OMR is used for change of address and credit card payment detection, thus minimizing pre-sorts. OMR also provides the ability to detect and assign values based on check marks such as dollar values, or marketing and demographic information.

ARC (Account Receivable Conversion)

RemitTrac®’s ARC module can provide both capture pass and encode pass truncation.  Because of the special regulations surrounding ARC, RemitTrac® provides an opt-out option for both checks and remittances.  The ARC module can handle match file processing and is available with two integration options.

ECP (Electronic Check Presentment – Check-21)

RemitTrac®’s ECP module provides a seamless way to truncate payments during the capture pass and create an X9.37 file.  With both, an automated and a visual Image Quality Assurance and Usability module, the quality of images is ensured.  

Remote Processing

ImageScan’s Remote Processing gives remittance processors the option to scan in one location while storing and processing in another. The central site houses the database server while remote/satellite site(s) can scan, encode and transmit the data to the central location, or to another remote/satellite location for processing and data entry.  Remote Processing provides load leveling across multiple sites, which generates lower costs of operations and provides internal disaster recovery.

Distributed Capture

ImageScan’s Distributed Capture provides a win-win solution for governments, corporations, and banks and their corporate clients. Using desktop check and full-page scanners, clients capture transactions locally in their offices, take advantage of secure Check 21 truncation, and still have the convenience of lockbox data entry, validation, image archive, balancing and reporting. This module is built to interface to an existing RemitTrac® payment processing workflow.  ImageScan’s Distributed Capture can facilitate the consolidation of deposit accounts, and accelerate check clearing and cash flow.  The Distributed Capture module works hand in hand with the large array of market-leading RemitTrac® modules including Web Decisioning and Event Notification, Receivable Matching, and Recognition, to give you the competitive edge for a complete suite of products and services. 

Reporting

RemitTrac® offers a variety of standard reports in several groups, such as deposit reporting, detail item reporting, and end-of-day reporting. Additionally, you can customize any existing report or create new reports utilizing RemitTrac®’s Report and Transmission Generator.  Features of the Reports Module include an easy point and click set-up, preview and view options, ability to fax, e-mail, print & generate files, import predefined fields (retail & data entry forms), and consolidated lockbox reporting.

Productivity Analysis

RemitTrac® provides tagging (audit trail) by process and by operator for every processed item. Each item is tagged every instance an item is handled by an operator by that operator’s ID and the result of that operator’s process. Several statistical reports based on these collected information are provided for auditing and management purposes.

Float

With float accounting for a significant percentage of a financial institution’s profit margin, proper float management is vital to your success.  RemitTrac®’s Float Solution is critical and calculates and reports both customer and bank availability per item, batch, and deposit.  Comparing availability at the lockbox and the bank levels provides profitability analysis. Float tables are updated via downloads from the bank’s item processing system at any desired interval. Changes, if necessary, can be made to these tables in the lockbox department to reflect specific customer relationships.

Research

ImageScan’s RemitTrac® offers an integrated on-line Research module.  Batches and their associated data and images are archived throughout the day upon completion of each batch’s processing.  Batch item images (checks, coupons, invoices, etc.), and data (lockbox, batch, transaction, MICR fields, OCR fields, data entry, change of address, availability, etc.) are archived on your media of choice. The images and data will be available on-line for research and retrieval purposes.  Search queries can be made on batch data (processing date, batch number, customer, lockbox, etc.), any MICR field, any OCR field, any Mark Sense field, and any data entry fields. 

Image Delivery Module

As the demand for CD and Internet access to images and data has grown, ImageScan has developed working interfaces to most of the leading web delivery software applications available today.  Different customers have different views of the use of the Internet, and the best set of capabilities to meet that need.  That has driven ImageScan to make RemitTrac® as open as possible to outside access, as well as enterprise-wide archive systems.

 

RemitTrac® offers a comprehensive Solutions Suite that works with your unique needs and for your industry to ensure your payment processing operations become much more efficient   Learn more.

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