Custom financial solutions for workspace company
The Client
The client is the world’s largest provider of flexible workspaces, offering a variety of products and services ranging from fully equipped offices to professional meeting rooms, business lounges, and the world’s largest network of video communication studios.
The Challenge
With IT and financial teams operating from two global locations, the client faced mounting pressure on internal resources due to the increasing volume of financial transactions such as voucher submissions, claims settlement, and cash transfers. They sought a reliable technology partner to provide custom financial solutions that could streamline these processes efficiently.
A key objective of the project was to ensure seamless collaboration between the IT divisions located at different global hubs and to implement the solution that would integrate their financial operations across these locations.
Our Solution
Starting with small projects, Experion progressively expanded its support, providing a comprehensive range of custom financial solutions to handle software development, maintenance, and support activities for the client. These solutions included:
- Banking Interface Engine:The banking interface engine automates supplier payments processing by generating tamper-protected payment files for each bank in standard formats. It supports multiple file formats based on the bank, country, and payment method chosen by the supplier. This solution also enables submission of payment files through a SWIFT network.
- Bank Statement Upload: To streamline the accounting process for customer receipts, a bank statement upload process was developed. This solution uses a rule engine to identify the customer and the invoice against which payment was made and posts journal entries to the accounting application.
- BI & Data Warehousing:The client’s financial transaction data, dispersed across various business units and countries, was consolidated into a central data warehouse. This solution enabled the extraction and consolidation of historical data, with BI reports developed to monitor business unit performance.
- FinApp Middleware Solution:A middleware solution, FinApp, was built to integrate data flows between the ERP and various data providers such as acquirers, payment service providers, and banks worldwide. This solution manages data collection, processing, and distribution efficiently.
- Credit Card/Acquirer Payment Uploads: A solution was created to support data uploads from different payment service providers such as Datacash, ELAVON, and Global Collect. This solution automates ledger posting of acquirer payment transactions and handles cross-border, multi-currency payments.
- Data Migration: For the client’s Latin American division, which used an older version of their financial software, a comprehensive data migration was carried out as part of the custom financial solutions provided. This included both user and technical documentation as a separate project.
- End-User Support:Continuous support is provided to the client, which has close to 500 users across different geographical locations. All support requests are managed through a help-desk software system and assigned to Experion resources for resolution and closure.
Business Impact
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- End-to-end custom financial solutions support enables the client to focus on core IT activities.
- Replacement of manual processes improved productivity of the accounting division by 60%.
- Quick and accurate payment processing resulted in improved customer satisfaction.
- Payment discrepancies reduced by 90%.
- Invoice-to-payment cycle time reduced to less than a week.
- Enhanced response times for support requests.
- Software changes are documented and prioritized in collaboration with the client’s IT team.
- Stringent quality checks ensured high software quality levels.
- Streamlined processes led to planned and prioritized release cycles, improving IT process transparency.
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