Case Study
Fintech save $1+ million by automating 90% of invoice intake for factoring
Results
3.5FTE
3.5 FTEs saved annually
Speed
Faster decision making
Risk
Improved controls
Company Profile
Public global fintech operating across fleet, travel/corporate payments, and healthcare benefits, fleet cards serve millions of vehicles, corporate solutions process tens of billions in annual purchase volume, and the healthcare platform helps hundreds of thousands of employers and tens of millions of consumers manage healthcare expenses. Thousands of employees across multiple countries and currencies.
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. Speed and risk management are the essential elements to operating an effective and scaled factoring automation. The more manual a process, the more restricted our client was to grow their business.
Solution
Automation runs side-by-sidewith agents during business hours. As it intakes each new invoices, it uses business rules to inspect data quality and evaluate credit limits. Invoices requiring furtherverification or processing (such as raising ofcredit limits) are sent to agents for manual processing.The automation consistently processes over 90% ofinvoices, allowing the agents to focus on the remaining posting and look forother improvement opportunities.
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