AlgoriQ

AlgoriQ, developed by Global PayEX, is an Intelligent Fund Algorithm driven auto-reconciliation solution designed to efficiently manage the reconciliation of payments made by customers. This product is tailored for enterprises, mid-market businesses, CFO advisors and consulting companies, as well as financial institutions. AlgoriQ is intended to streamline payment reconciliation processes for finance and accounting professionals, accounts receivable teams, CFOs and finance managers, financial institutions, and consumer goods companies.

Key Features

AI powered 3-way match for reconciliation: According to the vendor, AlgoriQ utilizes an AI-based engine called Intelligent Fund Allocation (IFA) to match payments and payment advice against outstanding obligations pulled from the supplier/seller's ERP systems. The AI engine is programmed to continuously improve its accuracy over time by learning from reconciliation paths.

Auto posting in ERP: AlgoriQ is designed to automatically post details of fully cleared invoices along with payment details in the company's ERP system, reducing the need for manual intervention. The product also handles deductions due to shortage or rate variance/customer claims automatically via partial adjustments.

Auto Reading of multi-format payment advice: According to the vendor, AlgoriQ has the capability to quickly auto-read data from payment advice, regardless of the format, eliminating the need for manual effort in deciphering payment advice data sent by customers.

Dashboard for deduction management: AlgoriQ provides a user-friendly dashboard for companies to manage deductions. Users can input how the cash is applied for each unreconciled debit note, offering options such as offsetting with credit notes, trade discounts, or raising disputes.

Real-time visibility and reporting: AlgoriQ is said to offer real-time visibility into the reconciliation process, allowing users to track the status of payments and deductions. The solution also provides comprehensive reporting capabilities, enabling users to generate customized reports on reconciliation activities.

Automated dispute resolution: According to the vendor, AlgoriQ automates the resolution of payment disputes, reducing the manual effort required by the sales team. The solution streamlines the process of raising and resolving disputes, improving efficiency and reducing the time spent on collection-related activities.

Integration with ERP systems: AlgoriQ is designed to seamlessly integrate with the company's existing ERP systems, ensuring smooth data flow and synchronization. This integration is aimed at eliminating the need for manual data entry and reducing the risk of errors.

Machine learning for continuous improvement: AlgoriQ leverages machine learning algorithms to continuously improve its accuracy and efficiency, as stated by the vendor. The solution learns from past reconciliation paths and adapts to evolving patterns and changes in payment behavior.

Automated cash application: According to the vendor, AlgoriQ automates the cash application process, ensuring accurate and timely application of payments to outstanding invoices. This feature is intended to reduce the risk of errors and improve the overall efficiency of the accounts receivable function.

Bank reconciliation: AlgoriQ is designed to streamline the bank reconciliation process by automatically matching payments received with bank statements. The solution aims to reduce the time and effort required for manual bank reconciliation, improving overall efficiency.