Fintech Firm Uses Automation to Speed Invoice Factoring by 90%.

Industry : BPO and Business Services

3.5 FTEs saved annually

3.5 FTEs saved annually

90% of all invoices processed automatically

90% of all invoices processed automatically

Faster decision making and improved controls

Faster decision making and improved controls

Company Profile:

Global leader in financial technology solutions for fleets, corporate payments, and healthcare. They have created a powerful ecosystem that offers seamlessly embedded, personalized solutions for its customers around the world. With its technology supported by a services organization, running an efficient and scaled back-office and customer contact center are essential.

Automation Case Study Snapshot:

  • Industry: BPO & Business Services
  • Challenge: Manual Invoice factoring
  • Solution: Custom RPA Development
  • Outcome: Increased invoice processing speed

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Challenge: Manual Invoice Factoring Process

This leading global fintech firm is in the invoice factoring business, buying invoice receivables from clients in need of working capital. Their AR team members manually validated each acquired invoice for accuracy and completeness, applying credit limits and other business rules.

This high-touch process was prone to errors and not scalable.

Speed and risk management are essential elements of a successful factoring business. Management wanted to automate the process for improved consistency, productivity and risk management.

Solution: Custom Automation Using OCR Capability to Read Invoices

The implemented attended automation operates side-by-side with the human AR agents during business hours. Upon receiving a new invoice, it uses OCR to read the invoice’s content. The system leverages predefined business rules to perform data quality checks and assess creditworthiness against established client limits.

Invoices that fall outside these parameters, or require additional verification (e.g., credit limit increase), are automatically routed to agents for manual processing.

The automation was able to process 90% of incoming invoices, allowing the business to ingest 1 million invoices worth US$1 billion per year.

Reserving the AR agent’s attention for complex cases allowed the business to increase scale while improving controls and reducing risk exposure. The automation produced 3.5 FTEs of additional capacity.