Remittance & telegraphic transfer advice automation for a financial institution
Challenge
The Client is a leading financial institution of UAE. The client receives a huge volume of remittance advices which has to be extracted manually & entered into their banking system. The team also spends a considerable amount of time processing the telegraphic transfers which was thus decided to be automated.
Solution
The automation of the manual processes of matching remittance advice information with invoices and reconciling them in the ERP to positively impact your bottom line.
Benefits
o Reducing manual payment allocation
o Eliminating bank fees
o Allocating cash more quickly
o Improving visibility
o Accounts receivable department will operate more efficiently and cost-effectively
o Improve customer service.