Results
15K hours recaptured annually
Payback in less than 6 Months
Faster cash applications
Company Profile
Rapidly growing global Fintech is a leader in simplifying complex payment systems and delivering insights that help their customers make smart, data-driven business decisions. They employ more than 4,900 associates in 11 countries—from São Paulo to Melbourne – and support more than 20 currencies.
Scope Highlights
- 1 million invoices valued at more than US$1 billion
- OCR and machine learning
- Robotic process automation (RPA)
- Factorsoft
- Business rule engine
Are you ready to add WonderBotz to your organization?
Get a QuoteChallenge
Fintech is in the invoice factoring business and buys invoice receivables from clients in need of working capital. Rapid posting of payments is essential to their business operations. Fintech bills the debtor for the invoice amount and accepts payment in the form of ACH or a check. In order to process a cash receipt, Fintech’s agents were required to login to the bank, search for or download remittances, and then manually apply each payment in the backend financial system. Management wanted to automate this manual process for efficiencies and speed.
Solution
Nightly, the automation runs OCR and machine learning on thousands of payments and remittances (checks and ACH) to extract data and uses intelligent automation to apply payments in their financial system. Daily reporting identifies payment application exceptions which are manually posted in the financial backend system by agents. The resulting exception-based cash application process handles 75% of the total volume, freeing agents to handle exceptions and look for other improvement opportunities.
