THE COLONY, TEXAS–Ventanex, a leader in smart transaction technology, has launched PaymentIQ, a solution that powers auto-posting and smart workflow of exception items.
Now in operation at a top-20 mortgage servicing company, 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.
“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 chief executive officer. 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.
PaymentIQ integrates with servicing platforms, imaging platforms, banks and third-party databases to digitize and contextualize items for analysis, review and decision-making. The result is a significant increase in straight-through payments. When a payment can’t be auto-posted, PaymentIQ enables intelligent, customizable workflows to assign and track items to the appropriate person or group. Because all items are imaged, companies can distribute workloads across locations, regardless of where the physical item originated.
In its focus to deliver payment and message management innovation, Ventanex continually develops new tools to help clients optimize customer interactions, streamline operations, and automate risk and compliance. “Exceptions take up a disproportionate share of staff time and drive up costs,” Sanders said. “PaymentIQ has the power to help our clients boost exception efficiency overnight.”
Ventanex is a transaction technology innovator that helps companies serve customers better and be more profitable through integrated, intelligent management of inbound payments, outbound payments and consumer messaging. Ventanex LIFT—the company’s proprietary, cloud-based transaction management platform—is powerful, flexible and totally customizable. LIFT gives end users convenient interaction options and processes payments in the most efficient, cost-effective ways. A single convenient portal gives clients real-time visibility into the entire lifecycle of a payment or message—with ironclad data security, built-in regulatory compliance and comprehensive tracking and analytics. Learn more at ventanex.com.