Smart transaction technology company and HW Tech100 winner Ventanex has launched PaymentIQ, a new solution that powers auto-posting and smart workflow of exception items.
PaymentIQ uses artificial intelligence and advanced imaging to streamline processing of complex, paper-centric payments, including bankruptcy checks, payoffs, wires, money orders and rejected items, the company said, adding that it is now in operation at a top-20 mortgage servicing company.
“One of our clients’ biggest headaches is the lack of intelligence and automation for rejected and one-time items within cash groups,” said Chris Sanders, Ventanex CEO. By enabling the application of powerful processing methodology to cash services, PaymentIQ eliminates much of the manual work needed to correctly route, process and post exception items, the company said.
PaymentIQ is able to be integrated with servicing platforms, imaging platforms, banks and third-party databases to digitize and contextualize items for analysis, review and decision-making, resulting in a significant increase in straight-through payments, Ventanex said.
When a payment is unable to be auto-posted, PaymentIQ enables customizable workflows to assign and track items to the appropriate person or group. Because all items are imaged, companies are able to distribute workloads across locations, regardless of where the physical item originated, the company explained in a press release.