Case Study
Fintech processes virtual credit card remittances at scale
Results
60K
60,000 annual payments
4FTEs
4 FTEs effort reduction
Speed
Faster processing
Company Profile
Leading provider of B2B accounts-receivable automation, automates order-to-cash for businesses across dozens of industries through tailored invoice delivery, multi-channel payment processing, and intelligent payment matching and posting. Holds double-digit market share in many categories served. Two-decade-old AR-automation innovator, recently transitioned to private-equity ownership.
Challenge
Each day, the company receives about 3,000 virtual credit card payments arriving in emails from multiple sources. The company’s processing team would monitor an incoming email account, manually retrieve each email, capture the payment details and input credit card data into its payment systems. This manual process was unsustainable and could not scale with the company. Leadership wanted a way to process payments quickly and focus its team on handling exceptions.
Solution
The solution performs credit card payment processing handling from receipt to data load. First, it grabs new payment emails from Outlook and creates corresponding work items. Next, the solution uses business rules to parse and extract account and invoice details from the email body and attachments which are loaded into the processing system via APIs. Upon completion, completed work items are marked as success or exception. Emails needing follow up are moved to a Outlook folder for manual review.
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