STAR: Straight Through Accounts Receivables
STAR is a receivables management solution that combines our F&A process knowledge with HighRadius' integrated receivables platform to fully automate invoice to cash process of companies. It also benchmarks your order to cash process maturity against best-in-class with a composite metric called the Perfect Invoice Efficiency and Effectiveness Index.
STAR: Straight Through Accounts Receivables Highlights
90%reduction in customer onboarding time
95%touchless receivables management
Perfect Invoice Efficiency and Effectiveness (PIE²) Index
Rethink how you run your accounts receivable (AR) management process with a composite single measure of efficiency and effectiveness, the PIE² Index. Benchmark against best-in-class metrics and identify opportunities to automate your invoice to cash process. Set process improvement priorities and targets to unlock business value and reduce operational costs.
Autonomous collections: Putting collections on autopilot
Identify receivable management bottlenecks with a complete view of global AR performance to reduce Days Sales Outstanding (DSO), improve collector efficiency, minimize bad debt, and enhance customer experience.
AI-enabled cash application:
Automate cash application across all payment and remittance formats. Guided by customer-specific business rules, this artificial intelligence (AI)-enabled comprehensive solution auto-applies cash by up to 95%.
Reduce customer onboarding time, mitigate credit risk with better scrutiny, and enhance audit compliance. STAR integrates fully with external credit bureaus to automatically pull data and flag changes, enabling full line-of-credit factoring and assessments, credit scoring and reviews, and continual credit-threshold management to process orders.
Electronic invoice presentment and payment (EIPP)
Cut payment cycle time to reduce DSO, billing and operating costs. EIPP eliminates the friction in billing and payments, allowing customers to access and pay their invoices. It supports automated, multi-format invoicing, uploading for backup attachments such as claims, remittances, and a self-service payment portal supporting over 150 payment formats.
Prioritize collection strategies for critical customers and collect faster with touchless reminders for low-risk customers. Our collections management module predicts payment dates and analyzes promise-to-pay trends with AI to produce a prioritized worklist for collectors, integrating seamlessly with third-party collection agencies to improve collections efficiency and reduce DSO, write-offs, and operating costs.
Cash application management
Automate remittance aggregation from different payment sources and formats and enable 95% auto-cash application and same-day cash posting with our cash application management module. Eliminate lockbox fees by auto-capturing payment and remittance data through optical character recognition engines. Accurately auto-linking payments with open invoices and automating deductions coding with AI lets your cash application analysts focus on higher-value tasks.
Reduce disputes and deductions inflow, accelerate resolutions, and improve net revenue recovery rate. Our deductions management module automates the aggregation of backup documents and deduction research and provides a common platform for cross-functional and customer collaboration. It uses an AI-based dispute validity predictor to identify invalid deductions up front and recommend ways to resolve them faster.