Fintech save $1+ million by automating 90% of invoice intake for factoring

Industry : BPO and Business Services Function : Accounting and 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

  • 1 million invoices worth over US$1 billion
  • User-maintained data quality and validation business rules
  • Credit limits by customer
  • Robotic process automation (RPA)
  • OCR component

Challenge

Fintech is in the invoice factoring business and buys invoice receivables from clients in need of working capital. Every time it acquires an invoice, it must be validated for accuracy and completeness while applying that client and debtor credit limits and other business rules. Management wanted to automate the process for improved consistency, productivity, and throughout.

Automation runs side-by-side with agents during business hours. As it intakes each new invoice, it uses business rules to inspect data quality and evaluate credit limits. Invoices requiring further verification or processing (such as raising credit limits) are sent to agents for manual processing. The automation consistently processes over 90% of invoices, allowing the agents to focus on the remaining posting and look for other improvement opportunities.

Solution

Automation runs side-by-side with agents during business hours. As it intakes each new invoice, it uses business rules to inspect data quality and evaluate credit limits. Invoices requiring further verification or processing (such as raising credit limits) are sent to agents for manual processing. The automation consistently processes over 90% of invoices, allowing the agents to focus on the remaining posting and look for other improvement opportunities.

Results

3.5 FTEs saved annually

Faster decision making

Improved controls