Billing & Payment ProcessingPurpose
1.2. Synchronizes transactional data from banks, ERPs, billing, and accounting systems for real-time payment status updates.
1.3. Reduces manual labor by automating the matching of incoming payments against invoices, flagging discrepancies or shortfalls.
1.4. Integrates automatable compliance checks, enabling automated reporting to regulatory bodies and financial auditors.
1.5. Initiates automated follow-up actions such as customer notifications or reminder scheduling when reconciliation fails.
Trigger Conditions
2.2. New invoice generated in billing or ERP.
2.3. Scheduled batch runs for periodic reconciliation (e.g., daily, weekly).
2.4. Discrepancy alert from previous failed reconciliation process.
2.5. Update in customer payment status from CRM/EPR.
Platform Variants
• Feature/Setting: Payments API; configure webhook to trigger automation on payment record creation.
3.2. Xero
• Feature/Setting: Bank Transactions endpoint; set up to poll for new statement lines matching open invoices.
3.3. SAP S/4HANA
• Feature/Setting: Finance API, Automated Clearing Function; scripts automate payment/invoice matching.
3.4. Microsoft Dynamics 365
• Feature/Setting: Customer Payments API; schedule automated reconciliation flows.
3.5. Oracle NetSuite
• Feature/Setting: SuiteTalk API, getTransactions and automate custom workflows for payment status updates.
3.6. Stripe
• Feature/Setting: PaymentIntents API; webhook triggers when payment received; automate to update records.
3.7. PayPal
• Feature/Setting: Transaction Search API; automate download of payment data to trigger reconciliations.
3.8. Plaid
• Feature/Setting: Transactions API; poll connected accounts for incoming payments, automate reconciliation.
3.9. Wise (formerly TransferWise)
• Feature/Setting: Account Statement endpoint; automate retrieval and matching of remittances.
3.10. Revolut Business
• Feature/Setting: Payments API; automate notifications and reconciliation routines for bulk payments.
3.11. Zoho Books
• Feature/Setting: Payment Received API; automate real-time sync with invoices.
3.12. FreshBooks
• Feature/Setting: Payments endpoint; automate webhook triggers to process reconciliation flows.
3.13. Salesforce
• Feature/Setting: Payment object in Salesforce Billing; automate workflow rules on status change.
3.14. Intuit Payment Solutions
• Feature/Setting: Transaction Notification API; automate event-driven invoice-matching.
3.15. Square
• Feature/Setting: Transactions API; automate extraction and mapping of sales to corresponding invoices.
3.16. Adyen
• Feature/Setting: Payout Reports API; automate reconciliation by cross-referencing statements.
3.17. GoCardless
• Feature/Setting: Events API; automate real-time matching of direct debits with billing entries.
3.18. Bill.com
• Feature/Setting: ACH Payments API; automate event-based or scheduled reconciliation routines.
3.19. Mollie
• Feature/Setting: Payments API; retrieve and automate association between remittance and customer records.
3.20. HSBC Bank
• Feature/Setting: Corporate API (CAMT.053 statement feed); automate bank statement ingestion and matching with invoices.
Benefits
4.2. Standardizes and automates reporting, improving financial audit and compliance transparency.
4.3. Supports scalable automating as payment volume increases in water supply wholesale.
4.4. Customizable automators for exception handling, payment allocation, and automated escalation workflows.
4.5. Improves customer satisfaction by automating prompt status updates and automated reminders for outstanding payments.
4.6. Enables full-cycle end-to-end automated reconciliation, saving significant administrative hours and costs.