Versapay Team
Collaborative AR Cash Application

June 20, 2024: Cash Application Updates

AUTHOR: Versapay Team

We’re excited to announce several new enhancements to our Cash Application product, aimed at improving functionality, accessibility, and user experience. These updates reflect our ongoing commitment to providing seamless and efficient solutions for our customers.

1. Improved Electronic Cash Application Reading Logic

Handling Electronic Cash Application (ECA) advices can sometimes be challenging when spaces are used instead of commas as thousands separators. For example, an amount might be displayed as “$100 000” instead of “$100,000”.

Previously, Cash Application struggled to interpret these spaces correctly, potentially leading to inaccuracies in reading the advice.

To address this issue, we’ve enhanced the ECA reading logic to recognize and accurately process spaces as thousands separators. Now, when an advice comes through using spaces instead of commas, Cash Application will read and interpret the advice accurately, ensuring seamless and precise processing of your ECA payments.

2. Updated Add Matchings Workflow for Electronic Cash Application Payments 

Processing Electronic Cash Application (ECA) advices often involves global trim words (e.g., $, RI, CM, INV) to standardize and simplify the data. Previously, unless these trim words were applied beforehand, they were not recognized during the Add Matchings workflow on the Validate Payments page causing inefficiencies and inaccuracies during the payment validation process.

To enhance this workflow, we’ve updated the Add Matchings functionality on the Validate Payments page. Now, global trim words for ECA advices are automatically recognized and applied, regardless of whether they were previously processed. This improvement ensures more accurate and efficient handling of ECA payments, streamlining your validation process and reducing manual effort.

3. Introduced Negative Acknowledgement for Post File Failures

When a post file cannot be created, it’s crucial for customers to be promptly informed so they can address the issue immediately. Some customers have specifically requested the ability to receive a Negative Acknowledgement in these situations.

To meet this need, we’ve introduced a Negative Acknowledgement (NACK) feature. Now, if a post file fails to be created, a NACK will be sent to the customer, alerting them to the failure. This immediate notification allows customers to quickly identify and resolve the issue, ensuring smoother and more efficient operations.

Please note that configuration is required to enable this feature. 

4. Ongoing Americans with Disabilities Act Enhancements

We’re committed to ensuring that Cash Application is accessible and user-friendly for all users. To maintain and improve our Americans with Disabilities Act (ADA) functionality, we’re continuously making updates and enhancements.

These ongoing improvements are designed to ensure seamless usability throughout the product, making it more accessible and easier to navigate for everyone.

We encourage you to try out these updates and experience the improvements they bring to your financial processes. 

Questions? Please reach out to your Customer Success Manager or email us at [email protected].

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