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How TCL Corp achieved 97% Touchless Cash Posting with the HRC AI-Powered Cash Application Software

  • 97% invoice level hit rate
  • 73% deductions auto coded
  • 45% on account hit rate
  • 100% elimination of bank lockbox fees
Cash Application
Business Transformation Stories


Challenges
How did HighRadius help
Impact

Challenges

  • Extremely Manual, Time- Consuming Cash Posting

    Matching payments with remittances from multiple sources takes ~85% of analysts’ time – resulting from a manual process. Due to complex remittances scenarios , the hit rate for EFT payments was low.

  • Inability to Handle a Complex Payments Landscape

    TCL Corp dealt with 23 bank interfaces of 60 different bank accounts. With only 7 cash app analysts dealing with 4000 open invoices – the situation was extremely difficult without automation.

  • Paying the Lockbox Fee:

    In many scenarios, banks did not key in all essential information. The file formats received were unusable, and high lockbox fees were a massive drain.

About TCL Corp

TCL CORP (Telephone Communication Limited) is a Chinese multinational electronics company founded in 1981. They design, manufacture and sell television sets, mobile phones, refrigerators and small electronic appliances.

TCL is a fast-growing consumer electronics company and a leading player in the global TV industry.

INDUSTRY

High Tech Electronics

HEADQUARTERS

Huizhou, Guangdong , China

REVENUE

$3 Billion

PRODUCTS

Cash Application

How did HighRadius Help

Impact

Invoice level Hit Rate for Cash Allocation
Deductions Auto Coded
Elimination of Bank Lockbox fees
Account Hit Rate for Cash Allocation

Autopilot for Order to Cash

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