Applied Systems announced the latest enhancements to Applied Pay, its AMS-native payments solution.
New innovations, including premium payment receipt reconciliation, one-click payment routing, and an insured checkout experience, further automate workflows for collecting and reconciling digital payments, enabling an agency to reduce time and effort by up to 70 percent, the company said.
Continued streamlining of the premium payment lifecycle has led to more than 900 agencies adopting Applied Pay since its launch in October 2022.
Key automation additions for Applied Pay include:
- Automated Receipt Reconciliation: Provides the option to import Applied Pay payouts into Applied Epic for auto-matching against existing general ledger receipts, reducing the manual work normally associated with this reconciliation process.
- One-Click Payment Routing: Enables agents to quickly and easily match insured payments missing key customer-identifying details, such as invoice number or client ID, to their respective accounts in Applied Epic.
- Adaptive Checkout Page: Delivers the ability to configure what gets displayed to the insured at checkout, including the option to pay single or multiple invoices, make full or partial payments, set limits on payment types, and allow for all or specified methods of payment, creating a tailored checkout experience based on the agency’s preferred business requirements.
“We were looking for seamless integration with our existing solutions to make it easier for our colleagues to administer and orchestrate the payment process, and Applied Pay checked all of the boxes,” Raj Kalahasthi, chief digital and information officer, The Baldwin Group, said in a release. "Being able to have speedy settlement, as well as being able to accurately reconcile to the right transactions, was key to choosing Applied Pay.”
Directly integrated into Applied Epic, Applied CSR24, and EZLynx Client Center, Applied Pay is engineered to provide automation throughout each phase of the payment journey.
“The rapid adoption of Applied Pay has made it clear that our clients need a better way to manage premium payments so they can reduce the time, effort, errors, and liability inherent within the manual process that held our industry held back,” said Chase Petrey, president of Applied Pay, Applied Systems. “Applied is committed to continued innovation in the digital payments space – and even more broadly, in general financial management – to provide independent insurance agents with the best solution to manage money movement with less effort and better security.”