Payables Connect by ePayPolicy

Introducing: Payables Connect for Truly Automated Statement Reconciliation

  • Automatic scanning, matching and reconciliation of open payables – no more manual hunting through stacks of paper
  • Pre-built integrations automatically write back into your accounting system
  • Generate a payment through ePayPolicy’s payable network or with ACH or a mailed check with a click
  • Drastically reduces the time and headcount needed to process market statements
  • Flexible processing and exception rules make it work for any accounting process

Paper documents are still at the heart of the insurance industry. From carrier statements to checks to invoices, insurance runs on paper. For many organizations, the solution to that mountain of documentation is to throw precious hours and manpower at the problem. In particular, carrier invoices and statements require intensive manual reconciliation.

It’s a costly problem that – until now – did not have a clear solution.

Today ePayPolicy announced the release of Payables Connect, the newest innovation in their suite of insurance payment and reconciliation  products. Leveraging ePay’s existing integrations and machine learning technology, Payables Connect completely automates the reconciliation, creation, and payment of due payables.

“Payables are a time and resource strain for insurance companies,” said CEO Mark Engels. “For many, it’s a cumbersome process with predominantly manual touch-points, and often dozens of dedicated headcount. We can alleviate a lot of that burden for accounting offices of all sizes.”

Featuring machine-learning assisted document scanning, matching, and automated reconciliation with existing accounting systems, Payables Connect is built to remove much of the time-intensive matching processes common with market statements and invoices to process payables.

“Payables Connect reads and learns from each individual statement,” said CTO Nish Modi. “The beauty of the technology is it’s continuously learning and improving. We’re very excited about where this technology can take the industry as a whole.”

Our founders experienced firsthand the operational pains of check collection and manual reconciliation in insurance. This led to our first product – customizable, online payment pages that match an insurance company’s brand. 

Payables Connect continues that spirit of innovation in an industry that is primed and hungry for digital payments and automated back-office operations.

Additional capabilities – like industry-specific management system integrations, custom API connections, network payables, and more – have been added as ePayPolicy’s customer base has grown to over 6,500 insurance companies. ePayPolicy introduced CheckMate, an automated check reconciliation solution that also utilizes machine learning, in 2022. 

Payables Connect is the next of several products that our team has planned, with the goal of continuing to streamline the accounts payable, receivables and disbursement experience for customers in the insurance industry.

“We want to be the place our customers go to reconcile their payables and receivables and tie it all together with their existing accounting solutions,” said Modi. “We’re committed to building an industry-wide network that securely moves money and the associated data in an efficient manner throughout the insurance industry.”

Share this Post

More from Post: Introducing: Payables Connect for Truly Automated Statement Reconciliation

ePayPolicy Makes Inc. 5000 List for 3rd Straight Year

Austin, TX Aug 14, 2024 – Inc. magazine announced that ePayPolicy is No. 1639 on its annual Inc. 5000 list, one of the most well-known ...
Read More →

The Paper Check Problem: Why Paper Checks Persist in Insurance

Despite living in an era dominated by digital technology, the insurance industry remains one of the last strongholds of paper checks. This persistence of paper ...
Read More →

Full HawkSoft + ePayPolicy Integration Now Live!

Canby, Ore [7/31/2024] – HawkSoft and ePayPolicy are announcing the anticipated release of two-way API integration to automationautomate digital payments in the insurance space. Mutual ...
Read More →