June 11, 2024 | 2 min read

OpenBots RPA Transforms Payment Reconciliation for E-commerce Firm with Real-time Visibility and 99.9% Accuracy

Industry: eCommerce Consumer Lender
Region: Americas
Department: Accounting
Products: GPT Copilot and RPA

50-60% Productivity Boost
99.9%Enhanced Accuracy
70%Faster Resolution

Overview

A prominent e-commerce lender was facing challenges with the labor-intensive process of daily payment reconciliation. This process, crucial for accurate accounting, involved downloading ACH, Debit card, and Cash transactions from the Loan Management System, extracting payment details like principal, interest, and fees, and then reconciling these details with bank deposits. The manual process was not only time-consuming but also prone to errors, making it difficult to identify and resolve discrepancies promptly. To overcome these challenges, the client associated with OpenBots to implement their RPA solutions and automate the daily payment reconciliation process.

Challenges

Tedious Tasks: Employees were bogged down by daily downloads, data extraction, and manual spreadsheet updates. This repetitive work took away their time from more strategic tasks.
Error-Prone Processes: Manual data entry was prone to errors, impacting financial accuracy and causing reconciliation headaches.
Limited Visibility: The team struggled to get a clear picture of their daily cash flow due to manual processes, making it difficult to identify and resolve discrepancies promptly.
Timely Resolution: Reconciling discrepancies manually was a time-consuming process, delaying issue resolution and impacting the bottom line.

Learn how OpenBots RPA enable you to automate daily payment reconciliation process.

Solution

Rapid Workflow Automation:Leveraging the full-featured RPA suite with GPT Copilot from OpenBots, we swiftly built a workflow to automate the daily downloading of transactions from the Loan Management system and streamline necessary business processes.
Automated Scheduling:We eliminated manual intervention by scheduling the daily task on the OpenBots SaaS-based cloud server. This automation triggers at a set time, ensuring reconciliation reports are ready when staff begin their day.
Data Integrity:The OpenBots credential vault encrypts client passwords and sensitive data using multiple algorithms on the OpenBots SaaS-based cloud server, guaranteeing data security.
Real-Time Insights: OpenBots RPA provided immediate insights into daily cash flow, enabling real-time reconciliation and quick identification and resolution of discrepancies.