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Remittance Processing for Utilities
The Challenge for Utility Companies
Whether you provide basic services to a community or consolidated utilities to millions, accurate and cost-efficient payment processing is essential to your company’s success.
MavBridge™ helps utility companies automate remittance processing, enabling them to handle large volumes of payments quickly and efficiently. It reduces the need for manual intervention for exceptions, such as multiple checks, multiple coupons, summary bills, correspondence, and more. MavBridge also provides system monitoring and tracking of paper batches.
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Mavro Solutions for Utility Companies
MavBridgeTM Automates the Process
MavBridge software provides a complete solution to simplify your remittance processing workflow. It enables utilities to quickly process payments and efficiently handle exceptions, including multiple checks and coupons, summary bills, and correspondence. MavBridge significantly reduces the need for physical document handling and exceptions by processing payments more quickly, accurately, and cost-effectively.
One-Touch Processing
This processing feature eliminates the labor-intensive hand sorting frequently associated with different payment types or exceptions. Traditional exceptions can be extracted and scanned intermixed, with no need for complicated hand presorting thanks to our One-Touch Processing and Smart Batching™ technologies.
Dashboard Visibility & Tracking
Our Dashboard software lets managers monitor every aspect of the system in real time, spotting any potential backups and reassigning resources before a problem develops. Quickly detect backlogs and shift resources as needed to achieve your processing targets. Smart Track cradle-to-grave tracking alleviates worries about batches being lost or destroyed without being properly processed.
Ensure Data Security
Ensure customer privacy and support regulatory compliance with automatic end to end encryption of all confidential site data. Automatic or selective redaction of check, credit card or other sensitive customer information; along with audit logs and active directory integration provide the features to protect client data and avoid the difficulties associated with a data breach.
Increase Funds Availability
Image Cash Letter (ICL) and ACH electronic deposit capabilities eliminate the time and expense of transporting paper checks to the bank.
Disaster Preparedness
Our cloud-ready software can be deployed wherever you require remote capture, home-keying, or other multi-site requirements to best support your business. We also offer a hosted disaster recovery solution engineered for total resilience, regulatory compliance, and seamless performance.
Industry Leaders Trust Mavro
End-to-End Remittance Processing Solution
MavBridge significantly reduced the need for physical document handling and exception processing. As a result, PSE&G not only realized the full value of its investment but also exceeded performance targets and quality benchmarks.
- 100,000+ transactions daily
- 25 locations
- 75% reduction in rejects
Saving Costs While Supporting Remote Workers
Enterprise-wide monitoring provides real-time data from every scanner, workstation, and remittance process, offering a consolidated view of current operations. Con Edison also implemented a seamless disaster recovery solution through Mavro’s partnership with Phoenix Data Corp.
- 75% less hardware
- 50% lower labor costs
- Hosted disaster recovery
One-Touch Processing for Remote Employees
The Mavro team delivered a comprehensive one-touch processing solution ahead of schedule and within budget. A pandemic-era implementation, the entire operation (configuration, training, testing, acceptance, go-live) was conducted remotely.
- 200,000+ transactions monthly
- Fully remote implementation
- 10/10 Mavro vendor rating
FAQs
What is remittance processing?
Remittance processing involves capturing payment and account data from scanned images of remittance stubs, coupons, invoices, and the accompanying payment source, such as checks, credit cards, ACH, wire, or other electronic payment sources. This process includes balancing the transaction for deposit and posting.
How does automation help utility companies streamline payment processing?
Utility companies can accelerate payment processing by using solutions like MavBridge software, paired with high-speed scanners, to automatically capture, validate, and post customer payments from diverse channels (paper checks and electronic payments).
By eliminating the need for labor-intensive manual sorting, often associated with legacy systems or processing exceptions, MavBridge helps utility companies significantly reduce physical document handling and exceptions by processing payments in a more timely, accurate, and cost-efficient manner.
This not only enables faster funds availability and improved cash flow, but also allows some solutions to process payments in seconds.
What utility companies use Mavro?
Some of the largest utility companies in the U.S. use Mavro’s MavBridge software to automate their remittance processing. Con Edison, NorthWestern Energy, PSE&G, and Verizon are some of the major utility companies that use Mavro, processing millions of payment transactions daily.
What is the best remittance processing software solution for utility companies?
Mavro’s MavBridge software is the ideal solution for automating remittance processing for any company, scaling from hundreds to over a million daily. Traditional exceptions can be extracted and scanned intermixed, with no need for complicated hand presorting. A dashboard provides real-time visibility of system performance and employee productivity.
Can MavBridge be customized to my company’s specific needs?
MavBridge also has the advantage of being modular, meaning it can be customized to a company’s exact needs and can scale as those needs change – all without any custom coding.