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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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 only few companies were the main players in the sector, maintaining relatively high fees. The remittance industry has exploded recently as digital-first startups have undercut the transfer fees of established vendors, whilst also providing superior service.

One such example is WorldRemit which is among the most dynamic players in the industry. The fast-growing, online remittance company operates in 50+ countries and enables customers to send money to friends and family living abroad through a modern online platform. The service is a convenient, low-cost alternative to traditional money transfer methods with high fees and outdated procedures. Recipients can accept the money as cash, in a bank account, as phone credit, or in mobile wallets.

Business case

While WorldRemit was growing fast, it became evident that its existing reconciliation processes needed to scale up accordingly. Due to the high volume of transactional data involved in the reconciliation processes, the labor intensity of identifying, investigating, and resolving exceptions grew beyond what the team envisioned as reasonable and effective.

Along with looking for automation and efficiency, WorldRemit also wanted to identify a solution which could support the whole reconciliation lifecycle – including journal-entry approval workflow and balance sheet account reconciliation and certification at period-end. ReconArt provided the WorldRemit team with an in-depth Proof-of-Concept demonstration, which validated a strong fit on both the functional side and the overall partnership approach to working together. Implementation began shortly after.

Benefits

“We are happy with the decision we made with ReconArt…Key areas have been eliminating manual reconciliation and finding patterns in unmatched transactions…ReconArt’s implementation team has been very good…We find the Support Team to be very responsive and helpful.–Finance Manager, WorldRemit.

After a successful, phased ReconArt implementation WorldRemit saw many improvements, with some key areas being:

  • Data enrichment on import to facilitate a smarter, more straight-forward matching process
  • The ability for business users to create and manage matching rules as needed: “ReconArt’s Rules Module has been very useful for creating a diverse matching logic across the organization – for half of the business we apply very simple rules and for the other half a lot more complex ones”
  • ReconArt’s audit trail providing a fully transparent management environment
  • Faster month-end close
  • Automation of all reconciliation activity, reducing both time and cost
  • Ease of use and business self-sufficiency: “ReconArt is a user-friendly reconciliation solution and that was one of the reasons why we chose it over other vendors.”
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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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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