|Commercial portfolio management system upgraded|
Bayside Business Solutions released Version 2.15.7 of its commercial portfolio management system product CADENCE. This upgrade introduces an automated accounts receivable tracking interface, an invoice confirmation add-on module, and new SQL reports.
"Automated A/R Tracking...automates the invoice verification process by integrating CADENCE with OnPARR, the Online Paying Agent Reporting and Rating product from Gallium Technologies," says Jay McKinney, Bayside's senior vice president of Operations. "It's basically a screen-scraping process. The CADENCE Engine scans the invoice verification queue for debtors with paying agents and automatically queries Gallium to learn the status of the invoices for those debtors. Gallium pulls that data directly from the paying agents and transmits it back into CADENCE, where it updates the Collection Detail with the appropriate data. This is going to provide a substantial labor savings for lenders."
Invoice confirmation, the newest add-on module for CADENCE, likewise saves time by allowing lenders to automatically build randomized queues of invoices to verify post purchase using rules they set on a client-by-client basis. Jeanne Moss, manager of Technical Services for Bayside, says: "You can choose, for example, to verify a certain percentage of the invoices, say 50%, for one client or only invoices above a certain dollar amount for another client-or some combination of the parameters. Setting up rules and building the queues automatically ensures consistency in your verification processes."
With the release of 2.15.7 of CADENCE, Bayside begins offering reports that use SQL Reporting Services, which provides better functionality and compatibility with the CADENCE infrastructure. "We've started with a long list of our most popular reports for this round," says Ed Majewski, development manager for Bayside. "We'll continue redeveloping all of our reports in this new format in the coming months, as well as adding new reports as we go, like the ROI Report we just introduced."
[This article was posted on December 4, 2012, on the website of ABA Banking Journal, www.ababj.com.]
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