A leading Irish insurance broker and financial services provider, serving over 440,000 public sector policyholders, faced growing operational strain from a highly manual payment allocation process. Each month the organization receives hundreds of remittance files from public sector employers alongside the associated bulk payments into its banking systems, and reliance on a legacy in-house platform meant teams spent significant time reconciling and allocating those payments by hand.
AutoRek was selected to replace a legacy platform and automate payment reconciliation and allocation end to end. The platform ingests supplier remittance files and bank payment data, then applies automated data enrichment and intelligent matching logic to identify likely customer and product-level allocations, assessing multiple attributes simultaneously and ranking potential matches that would previously have required extensive manual investigation. Its automation capabilities support the disaggregation of bulk payments down to individual customer and product records, so funds are allocated accurately within the organization’s CRM and finance systems, with users presented with targeted exceptions rather than large data sets to search.
• Faster Payment Processing: Automated enrichment, matching and allocation significantly reduced the time required to process supplier remittances and allocate payments.
• Focus On Genuine Exceptions: Teams now resolve only the payments that need human judgement, rather than manually reviewing every transaction.
• Improved Accuracy And Control: Automated matching logic reduced the potential for human error, improving allocation accuracy and strengthening operational controls.
• Single Automated Workflow: Hundreds of supplier remittance files and bank payment records are consolidated into one controlled, auditable process.
• Scalable Finance Operation: A more scalable payment processing operation supports core finance functions while improving efficiency, reducing risk and enhancing the overall customer experience.