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.
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.
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.
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.
High Tech Electronics
Huizhou, Guangdong , China
TCL Corp achieved a 97% invoice level hit rate across all payments with an AI-leveraged invoice matching even in prepayment scenarios, missing remittances, inaccurate invoice numbers, and much more.
With an AI-based multi-OCR engine used to capture check remittance accurately and deploy web bots to auto-aggregate remittance data from customer web portals, TCL Corp is able to eliminate 100% bank lockbox fees.
With HRC cash application software, TCL Corp is able to achieve a 73% automated deduction coding taking away a lot of manual work from an analyst’s scope of work.