The challenge
A leading payment infrastructure company provider offers connected banking services, providing its customers with multiple channels to accept payments and disburse payouts. The company operates with several payment banks offering multiple bank accounts, with an internal transaction management system that handles up to 10 million transactions per month.
The company was growing in scale as it was opening more business verticals. Consequently, the finance team facing significant challenges while manually managing finance operations, which were extremely time-consuming. The company had a large team devoted to this task, but with increasing operations, the size of the team was growing linearly. The team struggled with a lack of accuracy due to manual efforts. It was not able to properly track discrepancies like fraud cases and overpayments. They also faced challenges with reporting, auditing, and compliance.
The solution
After evaluating a few options, the company decided to implement Kosh to automate its finance operations. This move significantly reduced the time to reconcile to almost real-time while ensuring complete accuracy. Kosh also improved auditing processes, reducing the time to audit by a significant margin.
The Kosh product led to a reduction in man-hours by 95%. It also reduced the cost by 60% and its scalability made it completely adaptable to the company’s growing operations. In summary, the company was able to overcome its finance operations challenges by implementing Kosh. The product enabled the company to reduce reconciliation time, improve accuracy, and reduce the number of man-hours required to manage its finances.
