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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tajawal – Customer Success Story

“It was a solution able to reconcile a million transactions in no time and we knew this will help us scale.”

About

Travel & Tourism is one of today’s largest and most rapidly growing industries, with a global economic contribution. According to a research from the World Travel & Tourism Council (WTTC), the global travel and tourism sector employs more people than automotive manufacturing, mining, and financial services…combined!

In the effort of making travel more convenient for customers, the companies providing these services face some interesting challenges. Part of the industry-specific complexity is that nowadays, many travel companies serve as mediators between the end customer and other vendors, enabling travelers to reserve lodging, rent a car, or schedule a custom travel experience, right after booking their flight tickets on the same platform.

Transactional reconciliation is crucial to the industry to ensure accuracy and visibility in revenue recognition and also from a reputational perspective – making sure vendors are paid and customers’ expectations are met. Aggregating several sub-bookings into a single booking, dealing with a multitude of payment methods and data sources, and potentially huge transactional volumes are just a few of the typical challenges in this space (Read more in our Blog Post: “Trends for Travel & Hospitality”).

The Travel industry players committed to long-term success tackle these challenges by leveraging technology in all aspects of their business, including reconciliation. One such example is Tajawal, one of the most successful online travel solutions for MENA region. With a fresh, bold take on travel, tajawal’s app & web platforms were built as the answer to all the travel necessities a customer might have, presenting users with a convenient booking experience for thousands of flight connections and more than 1 million hotels all around the world.

Business case & Evaluation

Tajawal reached out to ReconArt at a point in time when their flight bookings were a major and rapidly growing revenue contributor. The finance team was doing their best to leverage advanced spreadsheet skills in managing reconciliations. However, as the company and its transactional volume continued to grow, the team came to realize they had to find an automated reconciliation solution, not only to save time and reduce errors, but also to establish the appropriate controls necessary to scale the business. Tajawal needed a solution capable of streamlining the process and provide visibility across all aspects of the reconciliation – supplier side, customer payments side and tajawal itself in the middle, as well as to ensure all orders are fulfilled and revenue is what it is supposed to be.

Soon after they started looking for a solution on the market, tajawal found ReconArt to be the best fit for its needs:

“It was a solution able to reconcile a million transactions in no time and we knew this will help us scale… the brands associated with ReconArt also showed us that we are looking at the right provider. When we looked at suppliers, we were looking for flexibility first and foremost. As a tech company that has seen exponential growth over the past two years, we are very ambitious and we wanted whomever we partner with to be alongside that hoovering mentality. ReconArt has been extremely accommodating with this as well.”Asfia Ehsan, Project & Process Team Lead at Tajawal.

User Experience & Benefits

Tajawal’s complex implementation requirements were carefully planned and transferred to the ReconArt tool without requiring IT resources. Once the implementation was locked down, it was very quickly optimized thanks to the in-depth collaboration between the teams. After go-live, tajawal started seeing immediate improvements across their workflow:

“Ever since ReconArt was implemented, we are operating it every single day. The team uses it as a core part of the reconciliation and as finance – this is where we get our revenue numbers from. Since we pretty much have our processes designed in terms of the ReconArt system, we hope this relationship keeps on growing as we grow.” – says Asfia.

Today, management of the ReconArt solution is fully owned by tajawal thanks to the very hands-on, train-the-trainer style implementation. Reconcilers feel very comfortable with the tool and even propose functional enhancements which are considered in future version releases in line with ReconArt’s ongoing product development.

As a growing business, one of tajawal’s major goals was increased financial insight. ReconArt directly contributed to tajawal’s control and visibility over their volume-intensive operation and daily work. By allowing tajawal to keep controls in an efficient manner, ReconArt also reduced the need of adding headcount to perform the reconciliation manually – instead, the team could focus on strategic growth and optimization of the business.

Within the second year of their successful deployment, tajawal decided to expand their use of ReconArt by onboarding yet another process:

“The second project that we had was even smoother, as we already knew how to define the scope and ReconArt was able to react very quickly.” – Asfia concludes.

Tajawal is among ReconArt’s most dynamic clients in the travel industry and has greatly contributed to ReconArt’s ability to service and support this space ahead of the curve. We look forward to further developing our partnership in the future.

Industry and Topics Referenced by this article:

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WorldRemit – Customer Success Story

“ReconArt is a user-friendly reconciliation solution and that was one of the reasons why we chose it over other vendors.”

About

Like many industries heavily affected by technology in the last decade, the payment industry has evolved dramatically. Examples are all around us – it is now a global trend for people to use money remittance services across borders, transitioning away from cash to internet/ mobile-based transfers. Mobile technology has revolutionized the traditional methods of paying, sending and receiving money online, both in stores and between individuals.

Remittances represent a 600-billion-dollar market globally – mostly money transfers to friends and family abroad. In the past, remittances required a network of partners that could accept and pay out physical cash and on

Industry and Topics Referenced by this article: Payment Services

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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 establishin

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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