Financial process automation for a workspace solutions provider in Europe
The Challenge
Managing a growing business spanning multiple countries involves numerous operational and business processes. This also means handling a considerable number of transactions with various vendors and clients daily. As the company grew, the volume of tasks involved in financial process automation, including voucher submissions, claims settlement, and cash transfers, put tremendous pressure on their internal resources. As a result, the client realized that the existing solution was not scalable or sufficient to meet the growing demand.
The client needed an IT consultant with expertise in developing FinTech solutions to guide and complement their in-house IT & finance team. They also wanted to ensure that the new FinTech solution would integrate with their existing systems, leveraging financial process automation to minimize errors and inconsistencies.
Our Solution
The engagement began by compiling and analyzing the client’s financial operations & transactions, and a FinTech solution was developed and deployed. The banking interface engine automates supplier payments processing, generating tamper-protected supplier payment files in standard formats for each bank. It can also handle multiple file formats depending on the supplier’s bank, country, and payment method.
The FinTech solution extracts all financial transactions data into a central data warehouse. First, historic data was consolidated using a one-time migration process. Then, a process was developed using integration services to periodically bring incremental data from all servers into the data warehouse. The merging of data was done based on the chart of accounts of the respective business unit. Experion also created a set of business intelligence reports from the consolidated data to track and monitor the performance of business units. By focusing on financial process automation, Experion enabled seamless data management and reporting capabilities.
Experion handled the entire data migration and related activities, created the user and technical documentation for this FinTech system, and continues to provide end-user support for the accounting division of our client, which has close to 500 users spread across different geographical locations. In addition, with sophisticated AI-based matching, reconciliation, and error management, the client vastly improved the treasury team’s processing capabilities with a high degree of accuracy and effectiveness that wasn’t possible with manual processing.
Business Impact
- The client achieved complete financial process automation
- It improved operational efficiency and reduced costs
- The solution seamlessly handled 170K+ transactions per day
- Quick and accurate payment processing resulted in improved customer satisfaction
- The solution removed payment-related discrepancies and improved response times for support-related requirements from the accounting division