Overview & Challenge
Our client in the financial industry, working with crediting services deals with a lot of payments and invoices processing daily. The invoices are the ones that go into the system first, then they wait for the payment to enter the system so they can be processed (paid). Most of the time, the invoices are paid with only one bank transaction, and then only one payment is needed to cover one invoice. These transactions are usually made between the clients and debtors. Given the fact that there are a lot of payments and invoices processed on a daily basis, the client has been losing a lot of hours to process those invoices manually.
Their challenge was simple: minimize the hours needed to process those invoices.
Solution
The platform supports importing of bank transactions through the upload of an MT940 file which is basically a text file that contains a large number of payments that cover certain invoices. Using a specific parser, we are able to get the necessary information and import the payments on the platform. That is the basic flow.
Business Outcomes
- Reduced manual work by 70%;
- Reduced hours needed to process payments that have straight forward matching scenarios;
- Automatically uploading of bank transactions on the platform.
