Fintech saves $25M in write-offs with automated dunning

Industry : Banking & Finance

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 over 20 currencies.

Scope Highlights

  • Dunning & collections
  • Outlook
  • Robotic process automation (RPA)
  • Business-maintained configuration file

Challenge

Fintech is in the invoice factoring business and buys invoice receivables from clients in need of working capital. Generally, the process works, and debtors pay monies owed on time. However, sometimes debtors are slow to pay and must be reminded of their obligations. Their existing approach was not able to scale efficiently, leading to increased invoice aging and degradation in DSO (days sales outstanding) – two key collection metrics. Management wanted a consistent and reliable approach to maximize collections.

Solution

The solution identifies invoices at risk of default. The dunning process and messaging is managed by the business using a configuration file. The automation sends periodic reminders to debtors for payment based upon invoice status at time of messaging.  The automated process also enables robust management reporting to enable ongoing continuous improvement in the approach.

Results

$25M+ saved annually from write-offs

100% collection reconciliation

Improved DSO