Loomis Automates Cash Application Processes with Rimilia Cash

Case Study

Company

Loomis is an integrated cash distribution network, with 400 offices and 24,000+ employees globally. They provide cash-handling products and services to financial institutions and commercial/retail businesses.

Challenge

The Loomis UK cash and credit teams wanted to gain efficiencies in managing their cash application process. One of the biggest challenges they faced included processing a large number of remits, which required manual input from staff members. This resource-intensive process was slowing productivity and in return, this inefficiency was proving costly. Despite all of the effort, there still was a reasonable amount of cash left unapplied and accounts weren’t up to date.

SolutionLoomis selected Rimilia Cash to resolve their cash application challenges. The implementation was straightforward, and Rimilia supported Loomis during each stage of the process. Once the implementation was complete, Rimilia provided onsite training to the cash team and the credit controllers.

Cash-handling products and services giant, Loomis, increases accounts receivable efficiency using Rimilia’s award-winning cash application software.

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The Rimilia Cash solution included these key features:

• Integration with electronic bank data

• Matching algorithms that enable receipts without remittances to be processed accurately and automatically

• Self-learning functions to ensure only exceptions and first-time transactions require manual intervention

• Comprehensive remittance capture, enabling:

• Paper to be scanned and transformed into data

• PDFs to be automatically detected and transformed into data

• Remittance validation with a control station to capture data quality errors

• Audit trails from payment to invoice

Prior to implementing Rimilia CashTM, the Loomis UK cash and credit teams were bogged down with tedious, manual cash application processes. After implementing Rimilia Cash, they saw immediate results, including a 65% automated match rate. They were able to reduce the number

of employees that managed cash application to one person on a part-time basis, when before, it required several employees. Now the cash and credit teams are free to focus on more value-added tasks such as customer relationships and collections instead of applying payments.

Benefits

“Rimilia Cash proved to be straightforward to implement and is an easy solution to use. The levels of automation that Rimilia Cash is able to deliver in our receipt matching process is providing tangible benefits. It’s to the point where we don’t really think about cash application anymore.”

Mark Beddoe, Head of Financial Systems and Transactional Services, Loomis UK www.loomis.co.uk

Within several weeks, Loomis was up and running on Rimilia Cash. They started to see positive results immediately, including increased team efficiency due to fewer manual processes. But the greatest benefit of all was that accounts were up to date and the cash and credit teams could now focus on building customer relationships, rather than the application of payments.

With Rimilia Cash, Loomis has achieved:

• No need to process 99.9% of remittances

• Auto-match rate of 65%

• Redeployment of resources to focus on more value-added activities

• Elimination of filing and storage of remittances

• Increased focus on customer service and collections

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Click here to learn more about Rimilia’s cash application solution.