Case Studies

Learn about our customer success stories. Our software is helping organizations of all sizes gain efficiency, transparency and accountability in their reconciliation and financial close processes.

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Holiday Extras – Customer Success Story

“We were very happy that ReconArt could largely do what we needed out-of-the-box…ReconArt was easily able to get around the complexities of the travel industry.”

About

Holiday Extras is among the United Kingdom’s travel industry market leaders, offering bookings such as airport hotels and parking, airport lounges, airports by rail and coach, car hire and holiday insurance packages.

The company’s leading booking platform helps over seven million travelers a year achieve their holiday goals with a wide choice of products and unbeatable prices.

Business Case

Holiday Extras saw a large increase in profits and a wide expansion across Europe in 2011. It became evident that this growth required a transition from reconciling in complex spreadsheets to establishing a modern technological platform that would bring both efficiency and best practices to the organization.

Soon after, it was the perfect time to implement a comprehensive reconciliation tool to complement their new financial system. Advanced Business Solutions – a long-time ReconArt partner in the UK, stepped in with a ReconArt recommendation.

After seeing ReconArt’s capabilities and ease of use, Holiday Extras looked no further. “We were very happy that ReconArt could largely do what we needed out-of-the-box…ReconArt was easily able to get around the complexities of the travel industry.”

Among ReconArt’s biggest advantages was the ability to automatically match thousands of invoices from over hundreds of vendors on a daily basis.

Benefits

“The system is very intuitive and user-friendly. We are able to do many of the tasks by ourselves and don’t have to ask support team to get involved. But when we do, we always receive quick responses.”

After a smooth ReconArt implementation, Holiday Extras saw efficiencies across the entire reconciliation process:

  • ReconArt’s powerful data enrichment functionality allowed for the standardization of data sources and formats on import, specifically the invoices received from suppliers in large volumes and number of different formats.
  • ReconArt’s flexible Match Rules allowed business users to define their own custom business logic in one-to-one and one-to-many relationships
  • ReconArt’s dynamic Exception management tools allowed for the accurate and fully auditable identification and resolution of small variances and legitimate exceptions.
  • ReconArt’s Automation technology allowed it to handle all the repetitive tasks around cleaning up data, clearing matched items, categorizing exceptions, and generating reports, thus freeing up valuable time for the team.
Industry and Topics Referenced by this article: Travel & Leisure

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Coca-Cola Bottling Co. – Customer Success Story

“The system helped us tremendously as far as doing the matching and the amount of time that it takes. Overall it’s been a great experience. We speak highly of ReconArt.”

Company Profile

Coca-Cola Bottling Co. Consolidated (CCBCC) is the nation’s largest independent Coca-Cola bottler. The Company operates primarily in the Southeast, with corporate offices located in Charlotte, North Carolina. CCBCC stock is traded on the NASDAQ exchange under the symbol COKE.

Challenge

Steven Richards, Accounts Payable Manager and Lucia Kok, Accounts Payable Analyst, were trying to figure out whether the market had a good solution fit for the company’s corporate expenses reconciliation. Between the three data sources at play (JP Morgan credit card transactions, Concur for expenses control, and SAP as the system of record) and the

Industry and Topics Referenced by this article: Food & Beverage

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TekSavvy – Customer Success Story

“We thought we were getting great value with ReconArt™.  It’s easy to use with a very quick learning curve.”

Company Profile

TekSavvy Solutions Inc. (TekSavvy) is one of Canada’s leading independent telecommunications service providers. Founded in 1998, TekSavvy provides residential and commercial internet and home phone services and more recently has developed a fixed wireless network which is used to provide high-speed internet access to underserved rural areas, TekSavvy has offices in Chatham, Ontario, and Gatineau, Quebec.

Challenges

Prior to adopting new technology, TekSavvy was using Microsoft Excel to perform its monthly reconciliations. However, the single workbook created to h

Industry and Topics Referenced by this article: Telecommunications

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Harmoney – Customer Success Story

“ReconArt has been really helpful in highlighting common issues for cash movements not coinciding with source system transactions… it has been really helpful in showing us how we can improve our existing system reporting and monitoring.”

Company

Harmoney is New Zealand’s leading peer-to-peer lending platform that matches borrowers with investors to provide everyone with a better deal. Peer-to-peer lending is disrupting the traditional bank lending model around the world, using secure, trusted technology to bring people together to invest and borrow at rates they love.

Challenges

Harmoney receives investor money, disburses this to borrowers and collects repayments via trust accounts set up for investors. Harmoney is essentially in a custodian role, meaning that the capital they are responsible for managing is not on their balance sheet, but they carry significant responsibility in en

Industry and Topics Referenced by this article: Finance, Financial Services, Lending

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BBN (Bankers’ Bank Northeast) – Customer Success Story

“ReconArt’s reputation for service and technology caught the attention of BBN as we searched to automate internal processes, expand reporting capabilities and enhance efficiencies.”

Company

Bankers’ Bank Northeast (BBN), based in Glastonbury, CT, was founded in 1998 and is one of 17 bankers’ banks nationally. The Bank offers a variety of correspondent services to community financial institutions throughout the six New England states, New York and New Jersey. BBN is committed to offering products and services that enhance the customer experience and improves profitability.

Challenges

BBN’s strategic plan included the implementation of a bank-wide reconciliation platform to automate daily, monthly and quarterly reconciliations that were being manually processed. Primarily the Bank wanted to automate matching of the ever-gro

Industry and Topics Referenced by this article: Banking

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Viewpost – Customer Success Story

“Ease of use was a big reason why we selected ReconArt ™.”

Company Profile

Founded in 2011, Viewpost created a business-to-business network that removes the barriers businesses face during the exchange of invoices and payments. By democratizing information flow, simplifying process and removing costs and complexity that deter adoption, Viewpost effectively connects people to payments within a network of possibilities.

With a single, free connection to the secure Viewpost® network, businesses of any size exchange electronic invoices and share invoice status updates with their trading partners at no cost. Businesses can also exchange payment for those invoices electronically, sending funds directly between their accounts at any

Industry and Topics Referenced by this article: Payment Services

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Premier Credit – Customer Success Story

“ReconArt™ gives us faith in the financial numbers we report by delivering accuracy, reduced operational risk and a fully audit-able environment.”

The company:

Premier Credit Limited is a microfinance company established in 2013 to provide credit only financial solutions to small and microfinance entrepreneurs in East Africa. Established by industry veterans with over fifteen years’ experience, Premier launched initially in Kenya. The company’s successful growth is now seeing it expand operations into Uganda and Tanzania and Premier Credit now encompasses three different entities

Challenges:

Within the first year of its existence, Premier Credit gained over 17,000 clients in Kenya alone. It services them with 350 staff spread across twenty-two branches. With each client making a payment on

Industry and Topics Referenced by this article: Finance

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University of Auckland – Customer Success Story

“ReconArt™ offered the greatest flexibility around being able to design the system to meet our specific requirements”

Profile:

The University of Auckland, founded in 1883, is the largest University in New Zealand with eight faculties over six campuses and over 40,000 students.

It has turnover now exceeding $1 billion per annum, with net assets of $1.5 billion and growing.

Challenge:

The University of Auckland has a decentralised finance function. Its policy is to have all balance sheet accounts reconciled by cost centre and reviewed within the individual business units on a monthly basis, with a second review performed by the Central Finance team at the end of each quarter. This leads to over 2,500 individual reconciliations that have to be completed each month.

Industry and Topics Referenced by this article: Education

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Think Money Group – Customer Success Story

“The increased visibility is invaluable. We have never enjoyed such a centralised overview of our bank data.”

Company Profile:

Think Money Group is an innovative financial services business based in Trafford Park in Manchester, England. Established in 1993, today the Group employs over 1,000 staff and is comprised of four business areas:

  • Personal accounts through thinkmoney;
  • Ocean brand offering mortgages, loans and credit cards;
  • Think Insure which provides car, home, gadget and life insurance;
  • Debt advice and debt solutions via the Gregory Pennington, Freeman Jones, Wilson Andrews and Think2Claim brands.

The debt advi

Industry and Topics Referenced by this article: Finance

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First National Bankers Bank – Customer Success Story

“After we saw ReconArt’s proof-of-concept demonstration we thought it was a great system; we were impressed with what we saw.”

Company Profile:

First National Bankers Bank (FNBB), headquartered in Baton Rouge, Louisiana, was chartered as the first national Bankers Bank in the United States in 1984. It is, in essence, a bank set up by, and for the purpose of providing services to, community banks.   FNBB commenced operations with 28 shareholder institutions of its bank-owned cooperative to provide correspondent banking services to its members. This prepared the way for the phenomenal growth that FNBB would experience over the next two decades. Today, with assets of approximately $1 billion, FNBB delivers banking services to over 700 community banks throughout the Southeast of the country.

Industry and Topics Referenced by this article: Banking

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