AutoRek, a global financial controls, regulatory reporting and data management platform, announces its partnership with Cforia Software. Cforia Software, Inc. is a world-leading provider of software and services for global customers that automate their Order to Cash business processes.
“AutoRek is both proud and excited to announce this strategic alliance with Cforia.” said Gordon McHarg CEO of AutoRek. “Both companies are proven global leaders with multinational clients, both companies use the same advanced technology stack, but most importantly, both share the same vision for improving working capital for our customers. With this announcement, we will be jointly extending our global reach and offering companies an end-to-end solution from cash collection to cash application and cash reconciliation.”
“This certainly made our decision to completely integrate our solution into Cforia.autonomy™ an easy one.” Continues McHarg. “Not only will our customers benefit from this partnership, but the opportunity of new customer acquisition is considerable, particularly in North America where the demand for a “single vendor solution” is so high.
AutoRek is a leading provider of global financial, operational and regulatory reporting software, and in this partnership, both organisations will be able to deliver a next-generation, fully integrated and end-to-end order-to-cash solution. This integrated Cash Application module provides the ability to identify and match payments received, with Zero-Touch Straight-Through-Processing (STP) Postings of EDI, EFT, ACH, PCI Level 3 Compliant Credit Card, Direct Debit, Check and Lock-Box, as well as Cash Payments.
Cforia and AutoRek will also combine globally proven Intelligent Algorithms with new OCR Machine Learning technology, to increase the efficiency of critical data capture for more accurate payment matching. We will also make these AI generated matches reviewable, pre-posting to the system-of-record. This approach eliminates the problems caused by cloud-based cash application mismatch, which causes unwanted and unproductive manual-rework within the billing systems. This capability combines Artificial-Intelligence with Human-Intelligence for First-Time-Right decisions, which greatly impacts functional match-rates and produces higher efficiency within Cash Application, Bank Reconciliation and Regulatory Compliance processes.
For seventeen years Cforia has been the leading global Credit, Collections, Dispute Manage and Cash Forecasting software supplier, where multi-country, multi-currency and multiple billing systems and ERP systems present significant challenges. Cforia’s unique approach to building globally capable systems provides solutions which solve the complex system challenges of today’s global enterprises. Due to this partnership, Cforia will now be able to add Machine Learning and AI Driven Automated Reconciliations, Advanced Matching Workflow and Cash Application to their roster, which will dramatically improve Working Capital results. Resulting in two new applications:
- Cforia.autonomy™ Intelligent Cash Application
- Cforia.autonomy™ Intelligent Bank Reconciliations
Speaking on the partnership, Chris Caparon, CEO, Cforia Software said: “With the integrated release of the Cforia Cash Application and Bank Reconciliation Modules, Cforia.autonomy™ has extended our straight-through-processing capabilities for Zero-Touch Posting of EDI, EFT, ACH, PCI Compliant Credit Card, Direct Debit, Lock-Box and Cash payments.”
He continues: “Cforia now provides Cash Application, Bank Reconciliation and Regulatory Reporting for all major billing systems, including SAP, Oracle, Microsoft, JD Edwards, IBM Custom Software and many others”, continued, Chris. “Cforia continues to expand our list of Fortune 2000 Clients by delivering proven, cost-effective, real-world productivity tools that result in improving financial performance. Our customers see immediate impacts in capacity, accuracy and key performance indicators while providing increased visibility, command and control of global working capital. 2018 was the most significant growth year in Cforia’s 17-year history, 2019 is already improving on those exceptional results”.
About AutoRek www.autorek.com
AutoRek provides financial controls, regulatory reporting and data management software solutions. Our solutions are purpose-built to improve the quality and efficiency of financial data management, from cost reduction and process efficiency projects to improving adherence to regulatory reporting requirements. Implemented in many of the world’s largest organisations, our range of deployments vary from high volume data migrations, elimination of manual processes and spreadsheets, regulatory reporting, reduction in fast close processes, to mitigation of operational and regulatory risk.
The Cforia platform uses Artificial Intelligence (AI), Learning Algorithms and Robotic Process Automation (RPA) to rapidly model working capital outcomes and efficiently assign optimised workloads. Cforia pioneered Capacity Driven Headcount ManagementSM and we continue to improve on the scope, features and function of User-Interfaces. Within seconds, management is reassigning finance priorities by individual resources or global shared services teams. Using AI and RPA by Customer Segmentation and Treatment Strategy, Cforia users are assigning what global teams should focus on and how they are performing against evolving order-to-cash models.
About Cforia Software www.cforia.com
Cforia Software, Inc. (www.Cforia.com) is a global software and services provider, delivering world-leading order-to-cash to over 250 enterprises in 117 countries are managing $425 billion in A/R turn-over. For seventeen years Cforia has led global delivery of superior technology integrated with proprietary real-time data integration tools across complex and disparate ERP systems of record. Cforia.autonomy™, delivers Cash Application, Bank Reconciliation, Customer Self-Service Portals, Capacity Driven Headcount Management, Collector Snapshot Workbench, Credit On-Boarding and Application Processing, Credit On-Boarding, Global Credit Risk Roll-Up, Order Hold/Release Management, Clean vs. Dirty Receivables, Multi-Languages/Currency, Global Parent/Child Hierarchy, Collaboration and Dispute Lifecycle Management. The new Cforia Next Generation Data Connectors simplify implementation and reduce IT support requirements. Cforia.autonomy™ empowers Finance Departments to independently manage their order-to-cash workflows, electronic dunning correspondence and credit and collections business logic and business analytics, without relying on an overburdened IT staff or expensive external resources.