AI-based fintech solution to streamline financial operations
The Challenge
Managing a growing business spanning over multiple countries involves a lot of operational and business processes. This also means a considerable number of transactions spanning various vendors and clients every day. As the company grew, the volume of tasks involved in financial transactions, including voucher submissions, claims settlement, cash transfers, etc., put a tremendous amount of 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 who has expertise in developing FinTech solutions to guide and complement their in-house IT & finance team. The client also wanted to ensure that the new FinTech solution would integrate with their existing systems 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, and the banking interface engine generates supplier payment files (tamper-protected) for each bank in the standard formats specified by the 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 bring incremental data from all servers into the data warehouse periodically. 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.
Experion handled the entire data migration and related activities on behalf of the client, created the user and technical documentation for this FinTech systems, 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 automation.
- It improved operational efficiency and reduced cost.
- Could handle 170K+ transactions per day seamlessly.
- Quick and accurate payment processing, resulting in improved customer satisfaction.
- The solution removed payment-related discrepancies.
- It has improved response times for support-related requirements from the accounting division.