What if one of your top suppliers just defaulted on a multi-billion dollar payment? That’s pretty much what happened recently when the U.S. Postal Service defaulted on $5.6 billion that it is legally required to pay the federal government to cover its future retiree healthcare benefits.
Legacy document systems and processes can no longer support the numerous application and underwriting workflows that come with mortgage loan modifications. Further, the industry is struggling with increasing compliance demands, high loan delinquency rates and shrinking loan profitability.
Electronic Invoice Presentment and Payment (EIPP) is a process that improves B2B invoicing, payments, and collections capabilities - from enhanced print and mail functionality to a comprehensive print, electronic and web portal suite of capabilities. An EIPP solution/strategy provides a bi‐directional bridge between a supplier’s Accounts Receivable Systems and their customers’ Account Payable Processes – giving both the information and data necessary to accurately process and manage all the elements involved in revenue and expense reconciliation.
Enterprise communication strategies are playing a bigger role in customer experience and loyalty these days. This means increased pressure to re-engineer the end-to-end processes required to manage core servicing documents and on-demand letter output. Not addressing issues at the front end of the process guarantees increased problems at the backend – with your document outputs and customer interactions.
There are very few independent research studies on Enterprise-level Electronic Invoice Presentment and Payment (EIPP) that focus on North America. For that reason, CEDAR has sponsored an independent research study to uncover best practices for improved customer experience and communication throughout the invoice lifecycle. After the completion of the study and extensive analysis of the results, it was clear that there is significant room for improvement in the way enterprises communicate with their customers.
According to a 2012 CEB survey, many businesses believe their end-to-end process management does not meet their expectations of today’s workflow. The chart below confirms that most companies are falling short of utilizing a fully-integrated and mature CCM process; Document Outsourcing and Defining Documentation/ Compliance Protocol being the weakest links.
I talk with mortgage industry professionals every day. They are busy people trying to do a difficult job, too often under a microscope. In addition to struggling with servicing platforms that were originally designed in the 1970’s, they are all just one misstep away from another negative headline.
While there are many reasons to consider an e-invoicing solution, we see four main reasons why an EIPP (Electronic Invoice Presentment and Payment) solution should be one of your top priorities in 2013. The immediate and long term benefits that come from the implementation of an e-invoicing solution are proven and very hard to ignore.