What is “Receivables Automation” and why don’t you use the term “Remittance Processing” like everyone else?

Good question – we chose the name of our division of Purepay carefully, but not conservatively. The safe choice would have been remittance processing since that is how most of industry describes the solutions they provide. I myself have worked in the remittance processing industry for over 20 years – but the nature of payments is changing so rapidly that we felt it was time to change the description of what we do.
Check volumes are in decline – especially for personal checks being remitted to pay bills. Web payments are increasing rapidly, credit cards are being more frequently used, and most recently, mobile banking provides the ultimate in convenience for payments for an increasingly mobile and online generation. So, the paper remittance is in decline for C2B payments. B2B payments are not likely to fall anytime soon as there are most stringent controls on corporate disbursement that do not fit the current electronic payment models well.
Regardless of how the payment is initiated and carried out though, what remains to be done is to apply the payment to the Accounts Receivable or billing system which triggered the payment in the first place. The process of proper matching and application of the payment, and validation with the appropriate business rules is still a requirement with electronic payments. Often it is even more important as electronic payments flow faster and any problem with validation or application of the funds can quickly result in an accounting nightmare requiring hours of manual adjustments to correct.
So, in the future we see our business going far beyond simply enabling our customers to process a paper remittance. Our true expertise and value is in allowing them to post and apply payments to their accounts receivable systems in a timely and accurate fashion – no matter how the payment was originated and transacted. We are also launching new products to provide enhanced capability to handle returned payments, provide outsourced collection services, and reconciliation with medical billing systems for healthcare providers, just to name a few examples.
We have built a great business to this point in the remittance processing field, but we also recognize that the future lies in receivables automation... it’s our middle name!