Learn how OpenBots RPA enable you to automate daily payment reconciliation process.
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.
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.
Results
Productivity Boost
With OpenBots RPA solution,
the client increased their
employee productivity by
50-60%
by eliminating manual data
handling and freeing them up
for strategic tasks.
Efficiency Boost
30%
Efficiency boost led to a 30% increase in overall productivity.
Real-Time Insights
Gained instant insights into
their daily cash flow with realtime reconciliation, allowing for
quick identification and
resolution of discrepancies.
Faster Resolution
Streamlinezd processes to
pinpoint and resolve mismatches
between bank deposits and
internal records with up to
70%
faster resolution times.
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