{"id":45855,"date":"2022-04-05T18:24:31","date_gmt":"2022-04-05T17:24:31","guid":{"rendered":"https:\/\/softco.com\/glossary\/straight-through-processing\/"},"modified":"2025-07-15T17:21:38","modified_gmt":"2025-07-15T16:21:38","slug":"straight-through-processing","status":"publish","type":"glossary","link":"https:\/\/softco.com\/ie\/glossary\/straight-through-processing\/","title":{"rendered":"Straight Through Processing"},"content":{"rendered":"\n<div class=\"wp-block-cover\"><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim-10 has-background-dim\"><\/span><img loading=\"lazy\" decoding=\"async\" width=\"1920\" height=\"960\" class=\"wp-block-cover__image-background wp-image-30043\" alt=\"\" src=\"https:\/\/softco.com\/wp-content\/uploads\/2022\/02\/Glossary-Term.jpg\" style=\"object-position:18% 49%\" data-object-fit=\"cover\" data-object-position=\"18% 49%\" srcset=\"https:\/\/softco.com\/wp-content\/uploads\/2022\/02\/Glossary-Term.jpg 1920w, https:\/\/softco.com\/wp-content\/uploads\/2022\/02\/Glossary-Term-300x150.jpg 300w, https:\/\/softco.com\/wp-content\/uploads\/2022\/02\/Glossary-Term-1024x512.jpg 1024w, https:\/\/softco.com\/wp-content\/uploads\/2022\/02\/Glossary-Term-768x384.jpg 768w, https:\/\/softco.com\/wp-content\/uploads\/2022\/02\/Glossary-Term-1536x768.jpg 1536w\" sizes=\"auto, (max-width: 1920px) 100vw, 1920px\" \/><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\">\n<h1 class=\"wp-block-heading has-text-align-center\" id=\"h-straight-through-processing-stp\">Straight Through Processing (STP) <\/h1>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-group has-white-background-color has-background\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<p>Advanced automation has reduced laborious tasks, cutting down manual processing times and helping businesses achieve greater efficiency, while simultaneously reducing costs and improving accuracy in the process. This is generally possible through straight through processing.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What is Straight Through Processing (STP)?<\/h2>\n\n\n\n<p class=\"has-text-color\" style=\"color:#1976d2\"><strong>Straight through processing (STP) is a completely automatic process for conducting financial transactions without requiring any manual input. Businesses and financial organizations use straight through processing as it\u2019s faster, more efficient, and doesn\u2019t affect security.&nbsp;<\/strong><\/p>\n\n\n\n<p>Companies require dedicated solutions and the support of a technical network to leverage the power of straight through processing. For procurement departments, a STP solution can help cut down on tedious, time-consuming tasks, while driving cost savings and business value.&nbsp;<\/p>\n\n\n\n<p>Simply put, straight-through processing allows AP teams to completely eliminate any invoice exceptions, along with associated manual labor, for all of the company\u2019s procurement activities. Invoice exceptions often lead to late payments, and for mid-size businesses, this could mean thousands of lost working hours over the course of a year.&nbsp;<\/p>\n\n\n\n<p>But, with straight through processing, this process becomes much easier. With advanced solutions that offer full <a href=\"https:\/\/softco.com\/ie\/solutions\/accounts-payable-automation\/\"><strong>accounts payable automation<\/strong><\/a>, companies can leverage the power of straight through processing to streamline operations and reduce repetitive and menial tasks.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Technologies Used in Straight Through Processing<\/h2>\n\n\n\n<p>A number of technologies have made straight through processing possible, including Optical Character Recognition (OCR). When an invoice is received by the AP departments, OCR software can automatically scan it and find relevant data, including the invoice number, order details, payment terms, and transfer information.&nbsp;<\/p>\n\n\n\n<p>Instead of having AP teams extract this information, the software does it automatically. Straight through processing also uses Robotic Process Automation (RPA) to match invoices. Invoices can be read using RPA, and if all sufficient information is available, it is automatically moved to the next step, without requiring any manual approvals.&nbsp;<\/p>\n\n\n\n<p>The combination of these two technologies allows businesses to reduce manual intervention in repetitive processes, helping them achieve true straight through processing.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Benefits of Straight Through Processing<\/h2>\n\n\n\n<p>Straight through processing is quite beneficial, especially for businesses that deal with a high volume of transactions. Some of the benefits that it offers include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Faster invoice resolution times<\/li>\n\n\n\n<li>Eliminates the need for manual data entry&nbsp;<\/li>\n\n\n\n<li>Offers greater visibility into the invoice lifecycle process<\/li>\n\n\n\n<li>Reduces the risk of errors during invoice capture<\/li>\n\n\n\n<li>Affordable solution with minimal upfront costs<\/li>\n\n\n\n<li>Since manual touchpoints are dramatically reduced, settlement risk falls as well<\/li>\n\n\n\n<li>Improved efficiency and productivity of AP departments<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">SoftCo Delivers 90% Straight Through Processing<\/h2>\n\n\n\n<p><a href=\"https:\/\/softco.com\/ie\/solutions\/procure-to-pay\/\">SoftCo Procure-to-Pay<\/a> is an end-to-end solution for companies that want to automate their entire procurement process. It\u2019s a global solution that lets you manage transactions in different currencies or languages, review information about different vendors, and gain a greater understanding of your organizational spend.&nbsp;<\/p>\n\n\n\n<p>The Matching Engine in SoftCo\u2019s Procure-to-Pay utilizes RPA to automatically remove any manual elements throughout the invoice matching process, delivering up to 90% straight through processing. To eliminate inaccuracy, it also uses machine learning technology, learning over time as more invoices are processed.&nbsp;<\/p>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Advanced automation has reduced laborious tasks, cutting down manual processing times and helping businesses achieve greater&#8230;<\/p>\n","protected":false},"featured_media":0,"template":"","alphabetletter":[8743],"class_list":["post-45855","glossary","type-glossary","status-publish","hentry","alphabetletter-s"],"acf":[],"_links":{"self":[{"href":"https:\/\/softco.com\/ie\/wp-json\/wp\/v2\/glossary\/45855","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/softco.com\/ie\/wp-json\/wp\/v2\/glossary"}],"about":[{"href":"https:\/\/softco.com\/ie\/wp-json\/wp\/v2\/types\/glossary"}],"wp:attachment":[{"href":"https:\/\/softco.com\/ie\/wp-json\/wp\/v2\/media?parent=45855"}],"wp:term":[{"taxonomy":"alphabetletter","embeddable":true,"href":"https:\/\/softco.com\/ie\/wp-json\/wp\/v2\/alphabetletter?post=45855"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}