iMatchTM, payment reconciliation is an extension of the iStream Remote Deposit Capture offering and facilitates the correlation of bank routing and account numbers (ABA/DDA) to a customer, helping organizations streamline the payment posting processes. Once the initial match is complete, every time the organization scans a check for that specific customer, the account and customer data are linked together. The data can then be exported from the iStream platform and imported into third-party systems such as accounting, billing or other data management systems. Some of the additional benefits organizations derive from iMatchTM include:
COMPATIBILITY WITH CUSTOM FIELDS
The system provides functionality to utilize additional data captured in custom field for file export to utilize with third-party systems.
DATA IMPORTS FUNCTIONALITY
In addition to the system capability provided for the export of data, the platform also allows for the import of data. This becomes extremely helpful when organizations have current databases/client listings that are to be leveraged in the processing and matching of payments.
For situations where a single entity is submitting payments for multiple accounts, iMatchTM has this covered. When payments of this nature are recognized by the system, the user has the capability to select which account the payment should be applied to.
iMatchTM offers the capability to query and drill down into customer payment history data, including access to the payment image and any additional data associated to the item. This insight also enables organizations to proactively track customer behavior and payment patterns. If reproducing an image of an item become necessary, a simple online query is all it takes to locate and view checks, regardless of when they were originally processed in the system.
SIMPLIFIED PROCESSING AND ACCELLERATED RECONCILIATION
A simple process of scanning,matching and exporting customer data turns payment processing and data matching into a quick, efficient and streamlined process. When it comes to reconciliation, iMatchTM reduces or eliminates redundant data entry and eliminates duplicate posting entries and errors by downloading deposit batch files already reconciled via the iStream platform directly into your existing accounting (or other third-party) system. The overall process is as simple as:
- Scan and deposit checks through iStream Deposit
- Use iMatchTM to correlate any unmatched items (only new customer/payment types will generate a prompt manual matching)
- Export data for import into third-party system