Applied Systems Unveils Innovative Updates to Applied Pay
Applied Systems Introduces Enhanced Features for Applied Pay
Applied Systems has announced the latest enhancements to Applied Pay, the industry’s only AMS-native payments solution designed to automate the end-to-end payments journey. This innovative platform has introduced several new features aimed at improving efficiency and user experience in financial transactions.
New Innovations to Streamline Workflows
With the recent updates, Applied Pay has introduced tools that allow agencies to automate workflows for collecting and reconciling digital payments effectively. These advancements can reduce the time and effort required for payment processing by up to 70%, marking a significant step forward since more than 900 agencies adopted the platform since its launch in 2022.
Key Automation Features
The updates launched in the first half of the year include:
- Automated Receipt Reconciliation: This feature allows users to import Applied Pay payouts into Applied Epic for automatic matching with existing general ledger receipts. This significantly reduces the manual and error-prone work traditionally associated with the reconciliation process.
- One-Click Payment Routing: A tool designed to help agents quickly and easily match insured payments that are missing crucial customer identifying details, thereby streamlining the payment process.
- Adaptive Checkout Page: This feature enables agencies to customize the checkout experience for insured clients, allowing options for single or multiple invoice payments, enabling full or partial payments, and setting limits on payment types.
Feedback from Industry Leaders
According to Raj Kalahasthi, Chief Digital & Information Officer at a prominent firm, the seamless integration of Applied Pay with existing solutions has been a significant advantage for their team. The ability for quick settlement alongside accurate reconciliation was pivotal in their decision to adopt the platform, showcasing the application's utility in practical scenarios.
The Demand for Efficient Payment Solutions
The importance of improving payment systems has become increasingly clear as the industry recognizes the need for better management of premium payments. As highlighted by Chase Petrey, President of Applied Pay, Applied Systems is devoted to innovation in digital payments and is dedicated to simplifying money management for independent insurance agents.
About Applied Systems
Applied Systems is recognized as the leading global provider of cloud-based software for the insurance industry. As a pioneer in insurance automation, Applied stands as the largest provider of agency and brokerage management solutions, serving clients in multiple countries. By automating the insurance lifecycle, the company enables millions of individuals to safeguard what matters most to them.
Frequently Asked Questions
What is Applied Pay?
Applied Pay is the only AMS-native payments solution that automates the payments process for insurance agencies, increasing efficiency and reducing errors.
What recent features were added to Applied Pay?
Recent enhancements include automated receipt reconciliation, one-click payment routing, and an adaptive checkout page for a tailored payment experience.
Who can benefit from Applied Pay updates?
Independent insurance agents and their clients can benefit from the streamlined payment processes and enhanced user experience offered by Applied Pay.
How does Applied Pay improve reconciliation processes?
By integrating with Applied Epic, the platform allows for automated matching of payouts against existing receipts, reducing manual errors and improving efficiency.
What is the mission of Applied Systems?
Applied Systems aims to provide cutting-edge innovation in the financial management of insurance, enabling agents to manage payments with less effort and increased security.
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