TORONTO, March 19, 2019 /CNW/ - VersaPay
Corporation (TSXV: VPY) ("VersaPay"), a leading provider
of cloud-based invoice-to-cash solutions including electronic
invoice presentment and payment, automated collections and cash
application, announced today that it has launched a new module on
the ARC platform that offers enhanced cash application and bank
reconciliation capabilities powered Cashbook.
With the introduction of this new module, ARC provides a true
end-to-end solution for invoice-to-cash, automating all steps in
the process for all types of payments, including gathering
remittance data from customers' emails and vendor websites, and
reconciling bank statements with accounting books and records.
"We are excited to work with VersaPay to offer the most complete
invoice-to-cash solution on the market," said Greg Coulter, CEO of Cashbook. "Cashbook has
been delivering time-tested cash application solutions to Fortune
1,000 companies in more than 25 countries for over 16 years, and
combining this long experience with VersaPay's innovative platform
for AR Automation makes tremendous sense."
ARC's new Cash Application module powered by Cashbook automates
all payments, even those made outside of the platform. Remittance
data can be gathered from a wide variety of sources, including
lockbox files, emails and vendor portals, payments are
automatically matched and reconciled, and deductions are identified
and managed. Furthermore, ARC can now connect to over 200 banks
worldwide and automate the reconciliation of payments with bank
statements.
"Since introducing ARC in 2015, VersaPay has constantly looked
for new ways to automate more of the invoice-to-cash process. By
partnering with Cashbook we now have complete coverage of the AR
cycle," stated Craig O'Neill, CEO of
VersaPay. "Augmenting VersaPay's innovations with Cashbook's nearly
two decades of experience dealing with an extensive list of
payments sources, banks and ERPs means we can deliver the only
seamlessly integrated end-to-end solution for streamlining AR."
About Cashbook
Cashbook builds intelligent cash management software solutions
which maximize the automation of high volume financial
transactions. Since 1992, Cashbook has been applying a special
blend of finance and technology expertise to maximize the
automation of high volume financial transactions for large
organisations around the globe. Cashbook's software helps
clients create more intelligent, more automated, more feature rich
financial operations. Cashbook has led implementations of cash
management software solutions in over 25 countries, in a
multiplicity of demanding environments, for 100+ global companies
and organisations.
About VersaPay
VersaPay is a Fintech company and leading provider of
cloud-based invoice-to-cash solutions, enabling businesses to
provide a superior customer experience, get paid faster, streamline
financial operations, and dramatically reduce DSO and costs.
VersaPay ARC is the new standard in accounts receivable automation,
with a customer self-service environment to view invoices online,
collaborate on inquiries and disputes, and facilitate secure online
payments (EFT/ACH and credit card). Businesses gain access to a
suite of powerful tools that enable efficient collections, cash
application and real-time insight into accounts receivable.
VersaPay ARC automatically reconciles payments and account
information through integrations with a wide range of ERPs and
accounting software providers.
More information about VersaPay is available at
www.versapay.com or under the Company's profile on SEDAR at
www.sedar.com.
Forward Looking and Other Cautionary Statements
This news release contains "forward-looking information" which
may include, but is not limited to, statements with respect to the
activities, events or developments that the Company expects or
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others, risks related to the speculative nature of the Company's
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Company's financial position.
Forward-looking statements contained herein are made as of the
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SOURCE VersaPay Corporation