|Focus:||Bank Reconciliation, AP Recs|
TransferGo was founded in 2012 with offices in Lithuania and the UK, presenting a bold and innovative platform for international money transfers in times of well-established bank monopoly in the area. The company’s mission has been to provide an inexpensive and flexible alternative for migrant workers looking to send money to their families. The transactions are initiated online in browser or mobile application mode and the services are incomparably faster and transparent. The goal of creating a groundbreaking product with unparalleled customer experience has been fulfilled and the robust expansion of revenue, customer base, and global presence testify for that. The platform has geo footprint in 45 countries on 5 continents and is approaching the vast China market.
The TransferGo appealing service offering quickly gained popularity and their platform user growth increased momentum. Naturally, the expansion of the business required a more sophisticated accounting controls procedures, particularly in the bank account reconciliation field.
TransferGo’s business model is account-to-account, which means that the remitter does not have to hand in cash at a kiosk, but through its local bank account and the recipient accesses the funds by the same method. TransferGo cooperates with many correspondent banks to support its broad geo reach, making the daily inflow of bank statement data files enormous. Their complexity in terms of structure and even language had to be tackled.
Both individuals and businesses benefit from using the solution. Batch payments for businesses allow for transfers to multiple recipients at a time. No daily amount restrictions are imposed. The platform supports dozens of currencies and FX exchange rates are transparent for the remitter upfront. Thus, each transfer entails several transactions and several elements to be swiftly discerned and reconciled internally – service fees, exchange rate variations, etc.
As soon as TransferGo realized the need for a technical upgrade in its reconciliation process, its team outlined two major product requirements. First – full reconciliation process automation functionality. Second – scalability, meaning flexible solution capable to accommodate multiple data sources and huge data volumes with speed and precision. TransferGo also emphasized the seamless integration with their core ERP system – NetSuite – is a must.
In the preselection period TransferGo considered several vendors but recognized the ReconArt solution as a perfect fit for its business need. The ReconArt system demo and proof of concept justified their final decision.
As a part of the initial set-up, two processes were implemented – bank statements transaction matching and Accounts Payable reconciliation.
The implementation began with a high priority task – the design of the import templates, which facilitate the upload of the bank statement files into the ReconArt system and enrich the data to increase the efficiency of the transaction matching process.
Complex matching rules define the criteria for automated clearing of transactions recorded by the external sources (banks and payment processors) and the internal accounting system.
The daily reconciliation routine now takes place in a predictable fashion with the help of the Scheduler module which automates the flow. The system highlights the outstanding items for in-depth investigation and stores evidence for future reference. The proper identification and treatment of the outstandings enables their transformation into journal entries and the posting of these entries back to NetSuite.
Benefits & Results
The implementation took place at the client’s pace and in fruitful collaboration between the ReconArt implementation team and the system user on TransferGo side. Our customer expressed a keen interest in every functional aspect of the ReconArt system, moving up along the learning curve quickly and confidently.
ReconArt™ adapted excellently to the complex business logic and the high-speed data turnover, characteristic of the remittance industry. It responded adequately even to the most uncommon daily business challenges and equipped the ambitious TransferGo team with a powerful instrument to increase transparency and internal control, save time, and manage with ease the relationships with its numerous partners and clients.
In the future a continual growth of data volume is anticipated. The TransferGo team is considering the introduction of new processes into the ReconArt system to extend the positive effects in its accounting practice and future-proof its growth plans.
Reconcile with ease!
|Focus:||High volume, Enterprise-wide Recs|
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.read more