CASE STUDY

Transform Procure to Pay Process

AP Payment Process Optimization

THE CHALLENGE

A Global O&G company processes multiple payment types from cheques, wires, ACH, etc). Domestic and cross border payments in multiple countries (60+) daily.

WHY

– No common set of payment standards for communicating with multiple banks and geography

– Too many home grown applications built on complex infrastructure to support AP and Treasury functions

– Very low straight-through payment processing leading to bank returns

– High Transaction Processing Costs

Project

AP Payment Process Optimization

Client

Global O&G Company

The Solution

  • 1

    Redesign Process

    ▪ Introduced ISO20022. Pain.001 Credit transfer
    ▪ Reimagine some processes

  • 2

    Accounts Payable

    Build all Payments by Templates

  • 3

    Treasury Review and Releases Payment to Banks

    Streamline payment process

  • 4

    Bank Received Remittance Information

  • 5

    Close Loop with Bank

    Send Remittance Advice

The Results

1 payment Format ISO20022 – Corporate Standard
Quick Onboard of New Business Units & Banks
Fewer Processing Errors
Lower Transaction Processing Costs
Retired All Legacy Homegrown Applications
Flexibility to Support Extended Messaging
Reduced Number of Payment Runs