RemitSavi® Overview
RemitSavi, developed on the Kofax Transformation Module platform, utilizes scanning, the intelligence of Optical Character Recognition (OCR), and oil and gas revenue calculation logic to capture critical revenue data from paper check stubs into electronic images and data for processing.
Automated Remittance Advice Processing Solution
This automated solution dramatically increases productivity and eliminates errors. Associates can put away those rulers, hand calculators, and yellow highlighters previously used to process statements. No longer must they key thousands of figures into their system, and spend hours searching for errors when the numbers don’t add up. Now associates just click a few times to verify information, and within minutes the statement is done.
What used to take days, now takes hours
What used to take hours, now takes minutes
Information is extracted from complex remittance advice documents, validated, and pushed into a database table with optional extension to the Oracle P2ES System (P2 Energy Solutions). Royalty distribution and tax calculations are performed automatically to ensure data accuracy.
Solution Advantages
Increased productivity:
According to one CMMC client, complex monthly remittance statements are processed several times faster. Forty-page, multi-line statements which took 8-hours to process manually now take 40 minutes. The statements previously were keyed manually into P2ES. Now they are automatically processed and require only validation of several key fields by the associate.
Data Accuracy:
The system uses eight different multi-level formulas to auto-calculate important distribution percentages, to reveal errors in the original remittance statement, as well as to ensure accuracy of the figures and calculations. Finding and correcting errors was extremely time-consuming with manual processing. Our solution allows associates to easily correct errors caused by inaccurate OCR or original statement errors. Our solution will guide the associate to where the error has occurred. It auto-fills missing elements in the formulas (i.e. value deductions = net).
Special “easy buttons” run common data entry operations automatically.
Associates can “click” or “rope” figures from the electronic image to make quick corrections.
Our solution will auto-calculate missing, or not provided, values based on formulas to completely replace the need to manually key data.
Formats are preset to show key fields such as production date, product code, price, and volume number. A consistent date format is automatically applied.
How it Works
First, operators scan paper remittance statements using desktop scanners and Kofax capture software.
Next, our solution displays the original image in electronic format along with a data entry form which has been pre-populated from the electronic image using OCR technology. The associate quickly validates key fields on the form to ensure a balanced remittance statement, makes minor corrections as necessary, and then submits the statement for payment.
Finally, all data and images are exported to back-end systems of your choice; data files, ODBC compliant databases and common content management systems.
RemitSavi Validation Screen
Full Screen Image View
Interested in a demo?
Call us at (303)-526-2796
What Customers Say
"RemitSavi is very powerful and offers 75% time savings for complex remittance advice statements. A 30-page statement with thousands of detail rows that previously took 2 days to process, now takes just 4 hours - and the data is more accurate!"
