This ground-breaking innovation expedites the cash application and reconciliation procedures, giving billers and their clients more financial information and quicker access to funds.

"Online bill payments continue to be dominated by financial institution bill pay systems," stated Steve Schult, Senior Vice President, Products at InvoiceCloud. "Our latest improvement responds to this fact by providing unmatched deposit control, drastically cutting down on manual labor, and quickening cash flow.”

The innovative State of Online Payments survey by InvoiceCloud, carried out in association with Regina Corso Consulting, provided insightful information about the ongoing significance of financial institution bill pay:

- 43% of survey participants said they use banking institution bill pay systems to pay their bills online.

- According to 17% of poll participants, they would rather pay their bills directly through the website of their banking institution. The percentage of respondents      who said they would rather pay their bills directly on the biller's website is only 3% higher than this choice.

- Families with annual incomes above the average were shown to have a greater preference for financial institution bill pay solutions among survey     respondents.

Before this update, OBD combined all of the funds into one big deposit, which made it difficult for billers who had different kinds of invoices. These days, payments are automatically classified according to pre-established criteria that the biller configures, and they are paid into the appropriate bank accounts. As a result, human sorting and allocation are no longer necessary, leading to:

- Quicker Reconciliations: By quickly matching payments to invoices, billers can economize on time and resources.

- Better Cash Application: Money is transferred right away to the right accounts, which speeds up the availability of working capital.

- Increased Productivity: Employees can concentrate on higher-value work when processes are streamlined.

- Increased Insight: Detailed deposit data offers important information about the preferences and payment habits of customers.