Challenge

Building out a new product to help finance teams automate the cash application process, Sidetrade was searching for a vendor to provide an intelligent document processing (IDP) solution to extract data from remittance advice documents. This data is key in providing instructions to match incoming payments to outstanding invoices. As a leader in cash application, Sidetrade wanted to partner with a specialist in IDP.

At the beginning of the search, Sidetrade defined the criteria for selecting an IDP provider. They spoke to a number of different vendors, but none could meet all of the requirements, which included:

• High degree of accuracy / straight-through-processing out of the box
• A great user experience, especially when manual correction is necessary
• Ability to support many different languages
• Security
• Cloud and on-premise availability

Solution

When Sidetrade reached out to ABBYY to review the capabilities of Vantage, it finally found a solution that met all of its requirements. Sidetrade chose the ABBYY Vantage Remittance Advice Skill to build into its product, specifically to extract three key data points from remittance documents.

Right out of the box, the Remittance Advice Skill delivered upwards of 90 percent accuracy on remittance documents. With customization and advanced training of the skill, accuracy improved further, supporting Sidetrade in its goal to deliver the highest user experience to its customers with no-touch remittance document processing to expedite cash application of payments.

Value

• Extremely high degree of accuracy processing data from remittance advices
• No-touch, straight-through processing for highest user experience
• Highly professional, thorough documentation facilitated implementation