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Case Study

Fintech Uses Cash Application Automation to Process $1B in Transactions​

Home » Resources » Case Studies » Fintech Uses Cash Application Automation to Process $1B in Transactions​

Industry

Function

Topic

Results

$1B

$1 billion in invoices processed

<12mo

Positive ROI in less than 12 Months

Speed

Faster cash applications

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

Manual cash application process

This Fintech is in the invoice factoring business and buys invoice receivables from clients in need of working capital. The Fintech bills the debtor for the invoice amount and accepts payment in the form of ACH or a check.

To process a cash receipt, the agents were required to log in to the bank, search for or download remittances, then manually apply each payment in the backend financial system. Rapid posting of payments is essential to their business operations, and manual processing hindered their efficiency.

Management wanted to automate this process to improve speed and efficiency.

Solution

WonderBotz InvoiceBotz

WonderBotz implemented InvoiceBotz to ingest and process invoices. The AI-powered Invoice automation runs overnight on thousands of invoices to extract data and apply payments in their financial system. Daily reports identify payment application exceptions that are then manually handled by agents and posted in the financial backend system.

The resulting exception-based cash application process handles 75% of the total volume, freeing agents to handle exceptions and look for other improvement opportunities.

In the first year, the automation processed 1 million invoices valued at more than $1 billion. It saved the company 15,000 hours annually, achieving positive ROI in under 12 months.

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