Cash Management

Settlements are central to e-Accounting, yet they are often an obstacle in the drive to automate processes.

Splitting the e-Accounting atom

The settlement details provided by banks, as a statement or electronic record, generally lack any reference to transactions, so reconciliation must be done manually.

WCL’s Cash Management software cracks the problem. Using standard bank statement information, machine learning and AI it is able split settlements into multiple values that relate to transactions and support subsequent cash allocation and matching processes.

Looking deeper into e-Accounting’s details

Using WCL’s Cash Management solution,  bank statements are linked to Financial Account (FA) messages. i.e. the payments made by brokers are matched to the  FA messages they send to the carrier

Each FA and its associated Technical Account (TA) contains the detailed information needed to reconcile cash movements with transactions.

A Digital Cash Ledger (a digital contracts management platform) creates the association between the bank statement and FA. Each transaction exists as an object within the system that can be read, understood and processed by people or machines.

Automation delivers e-Accounting’s real advantages

The system can process 20 million transactions a day, so time taken to update the cash record is minimal. 

The resulting enhanced settlement record can be processed, and automatic matching routines can accurately apply the e-Accounting cash to transactions.

Combining forces to create innovative solutions

The Cash Management solution was created in partnership with Fennech, a B2B Fintech business, which provides the Digital Contracts Platform. 

The operation and efficiency of the system is in part made possible by recent advancements in machine learning and AI. 

WCL’s Cash Management is leading the drive for increased efficiencies, reduced cost of operation, and improved visibility and control across core activities such as cash reconciliation.

For further information, please contact one of the WCL team today:

+44 (0)20 3908 3200 | info@webconnectivity.uk

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Speak to our team

+44 (0)20 3908 3200 info@webconnectivity.uk

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