Problems to solve

  • Struggle of tracking and paying invoices
  • Automate customer on-boarding for banks

Problem Statement - 1: Struggle of tracking and paying invoices

  • Operational overhead for corporations of manually tracking and paying the invoices from various suppliers
  • Incur late payment charges
  • Damage their supply chain relationships due to late payments
  • Resources are occupied due to manual processes and as a result couldn’t focus on their core functions like optimizing working capital

Problem Statement - 2: Automate Customer On-boarding for banks

  • Manual paper based processes for customer on-boarding resulting in lengthy time-to-cash cycles
  • Higher on-boarding cost for the bank
  • Loss of revenue for the bank
  • Excessive on-boarding turn-around time prompting customers to go to other competitors

What the solution does

  • The solutions scans the invoice images to map the input parameters of FFDC APIs with invoice information using AI (NLP) techniques and present the suggestions to the users for their review before calling the FFDC API to create payment
  • If required, users can also correct the suggested mapping before calling the FFDC API to create payment
  • The same solution is also extended to scan customer on-boarding forms to map the input parameters of FFDC APIs with on-boarding form information and present the suggestions to the users for their review before calling the FFDC API to push customer data into FFDC APIs.

Value proposition for corporations

  • End to end processing of invoices right from scanning different formats of invoices to scheduling payments using FFDC Payment Initiation Open APIs
  • Avoid late payments and charges
  • Streamline corporates’ payables operations
  • Reduce burden of manually tracking and paying the invoices so that freed up resources can focus on core functions

Value proposition for banks

  • Allowing banks to improve efficiency of customer on-boarding process
  • Reduces on-boarding turn-around time
  • Reduces cost by automating slow paper based process
  • Improved customer satisfaction

What's next for Manual to Automation

  • Multi-lingual support for input feeds
  • Store user corrections for future uploads
  • Extend the solution for handwritten invoices and forms
  • Extension of the solution to other pain areas and use cases

Built With

+ 9 more
Share this project:
×

Updates