How do you measure and optimize the performance of your EFT remittance advice strategy?

1 Define your goals

To measure and optimize your remittance advice strategy, it is important to first establish your goals. These could include reducing payment errors and delays, improving payee satisfaction and loyalty, streamlining accounting and reporting processes, or enhancing security and compliance. Once your goals are identified, you can set SMART objectives and KPIs to track your progress. This will help you determine if you are achieving your desired outcomes.

2 Choose your format

When deciding on the best format for your remittance advice, you should consider the preferences and capabilities of your payees, as well as your own systems and resources. Cost and efficiency, accuracy and reliability, accessibility and convenience, and integration and automation are all factors to think about. Additionally, you can use a combination of formats to meet the needs of different payees or scenarios. For instance, EDI can be used for large or regular payments, while email is suitable for small or occasional payments.

3 Test and monitor

To test and monitor your remittance advice strategy, you can use surveys, feedback forms, reports, dashboards, or audits to collect and analyze data on your EFT payments and remittance advice. You can measure metrics such as payment timeliness and accuracy, remittance advice delivery and quality, payee satisfaction and retention, accounting and reporting efficiency and accuracy, and security and compliance issues and risks. Regularly testing and monitoring your strategy in comparison to your objectives and KPIs will help identify any gaps, problems, or opportunities for improvement.

4 Adjust and improve

The final step is to adjust and improve your remittance advice strategy based on your test and monitor results. You can employ various strategies and tactics to optimize your remittance advice, such as updating or changing the format or channel, simplifying or standardizing the content or layout, automating or integrating processes or systems, adding or removing features or functions, and communicating or educating payees and staff. Additionally, you should seek out and incorporate feedback from payees and stakeholders, as they are the ones who use and benefit from your remittance advice. By making adjustments to your remittance advice strategy, you can improve your EFT payment performance and reach your goals.

5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?