Lessons Learned from the Integrated Receivables Frontier. Jack Kosmoski, BMO Harris Bank, N.A. Dave Schier, Jacobus Energy, Inc. September 23, 2014

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1 Lessons Learned from the Integrated Receivables Frontier Jack Kosmoski, BMO Harris Bank, N.A. Dave Schier, Jacobus Energy, Inc. September 23, 2014

2 What is Integrated Receivables? The biggest thing in receivables since the 70 s It s not something you can buy from any bank or vendor Combination of Workflow Technical / Product Solutions Data / Analytics 2

3 Current State of Receivables 1) Funds 2) Info 3

4 Industry Trend Payment Channel Proliferation Storefront / Walk-in Mailed Payment Check+, Cards Bank (EFT) Branch or other Bank Systems Live Agent 1) Funds 2) Info Web Bank Billpay IVR / Auto Phone Web Biller Direct Billerinitiated Recurring Mobile Optimized 4

5 Industry Trend Bank / Vendor Solution Proliferation Storefront / Walk-in Mailed Payment Check+, Cards Bank (EFT) Branch or other Bank Systems Live Agent 1) Funds 2) Info Web Bank Billpay Automated Remittance Information Quality Limited IVR / Auto Phone Billerinitiated Recurring Mobile Optimized Web Biller Direct Moderate ( 50%) 5 Clean (> 75%)

6 The Receivables Challenge 1) Funds 2) Info While adding more payment channels and migrating payers 6

7 Historical Solution - Consolidated Information Lockbox ACH Credits / Debits Standard or Custom File Incoming Wires Other Payment Methods 7 Internal Use Only

8 Industry Trend Lockbox Volumes are Stubborn Mailed Payment Check+, Cards 1) Funds 2) Info Barriers to Increasing Use of Electronic Payments: 8

9 Industry Trend Biller-Direct Solutions Biller-direct Payment Solutions (EBPP or EIPP) come down market Biller-direct payment solutions require a bill file! Storefront / Walk-in This gives us our special sauce Live Agent 1) Funds 2) Info IVR / Auto Phone Web Biller Direct Billerinitiated Recurring Mobile Optimized 9 9

10 Industry Trend A/R Matching Been around for a long time with limited and specialized use It s a challenge for the A/R posting group to get an invoice file from the billing group, particularly if the benefit is simply a higher hit rate Sample Open Invoice File Customer # Invoice # Invoice $ Total Bill $ $15 $ $20 $ $10 $45 Single Received Payment - Without Detail Customer # Total Bill $ 1 $ $ $ $10 1) Funds 2) Info Open Invoice File Short Pay Customer # Total Bill $ 1 $ $ $20 10

11 Industry Trend Need for Data / Analytics Source: Wall Street Journal Online, Feb 10, 2014, CIOs Eye the Corner Office, 11

12 Integrated Receivables The Problem Other payment information streams must be managed individually, information is imperfect and inconsistent Other Payments Wire ACH / EDI Online Billpay Consolidator Multiple Lockbox Sites Remote Deposit Capture Other payment information streams must be managed individually, information is imperfect and inconsistent Merchant Processing DirectBiller / Conv Pay Other Lockboxes Lockbox Processing Hub Online Decisioning A/R Matching Positive File 1) Perfect Payment Information Name & Address DB Account Lookup Human Review Online Archive Remittance File 2) Present Payment Information & Images Image Direct Returned Item Mgmt Commercial client views through Online Reporting Commercial client downloads remittance file 12

13 Jacobus Energy Family-owned, founded in Initially delivered fuels and building materials. Continuous growth for over 90 years Currently delivers fuel (diesel, gasoline) to businesses throughout the country Provides these services: Mobile refueling directly to trucks, tanks, boats, railroads Automated fueling stations Fuel management Has maintained leading innovator status by Focusing on customer needs Committing to technology Engaging in strategic partnerships 13

14 Jacobus Energy Reduce PWO by 85% Superior Customer Experience 2014 Goals Reduce DSO to 15 Maintain 97% Retention. 14

15 Jacobus Energy JDE Implementation Delivery tickets defy scan line Challenges Third-party transactional processing Multiple payment streams. 15

16 Jacobus Energy Leveraging Technology Biggest pig at the trough Third-party Innovation Dysfunctional lockbox Transactional cash matching Other Improvements MICR Match Automated ACH/Credit card processes On-line Payment. 16

17 Results Streamlined processes Change in employee profile Staff reduction from 5 to 3 17

18 Next Logical Step Manual check processing Lockbox Increased customer demand Multiple payment streams Integrated Receivables 18

19 Integrated Receivables The Technical Solution Other Payments Wire ACH / EDI Online Billpay Consolidator Multiple Lockbox Sites Remote Deposit Capture Merchant Processing DirectBiller / Conv Pay Other Lockboxes Receivables Processing Hub Online Decisioning A/R Matching Positive File 1) Perfect Payment Information all payments Name & Address DB Account Lookup Human Review Online Archive Remittance File 2) Present Payment Information & Images all Image Direct Returned Item Mgmt Research / Resolution Bad Debt Management Inventory Management 3) Create Incremental Value Benchmarking / Trend Reporting Payment Channel Optimization Commercial client views all payments through Online Reporting Commercial client downloads all payments in single data file 19 CONFIDENTIAL

20 Integrated Receivables The Workflow Solution Lines of Business Description / background Operations / complexity Payment characteristics (frequency, size, etc) Payment needs Importance to organization Centralization (or not) Billing Payment channels and processing Funding & Funding channels Reconciliation IT Resources 1) Funds 2) Info Current State Assessment What works well What doesn t work well Willingness to change (essential to business vs. historical) Past successes & failures Strategy & roadmap Payer Groups Needs / Preferences / Leverage Channels used Payment frequency & size Can a single payer be a client across multiple businesses (and if so, can you recognize them?) 20

21 Integrated Receivables The Data / Analytics Solution Key Performance Indicators by channel DSO = A/R / Total Credit Sales x # of Days Drive individual payer behavior Drive ongoing cost savings # of payments received $$ received All-in payment cost Exception payments & repeat offenders Average Time to Pay Longest Average Time to Pay & repeat offenders Late Payments & repeat offenders Partial Payments & repeat offenders Improve customer satisfaction 21

22 22 Integrated Receivables The Complete Solution

23 Key Lessons Learned One-stop-shop vs. decentralized groups Receivables Center of Excellence How do you define a great receivables client experience? Implementation / Ownership Crutch for existing practices vs. evolution to new It s not the solution... it s how you use it One check at a time / incremental improvement Don t build the Cadillac / fix the world s problems 23

24 Q & A Jack Kosmoski BMO Harris Bank, N.A Dave Schier Jacobus Energy, Inc

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