FinTech Solutions Ltd.
Reduced Invoice Processing Time by 95% with AI Automation
FinTech Solutions Ltd. revolutionized their accounts payable process with AI-powered invoice processing, achieving near-instantaneous processing times and improved accuracy.
The Challenge
FinTech Solutions Ltd. was processing over 1,000 invoices monthly through a manual system that took 3-5 days per invoice. This caused significant cash flow management issues, strained vendor relationships due to delayed payments, and required a large accounts payable team. The manual process was also prone to errors, leading to duplicate payments and compliance issues. The company needed a solution that could handle their growing transaction volume without proportionally increasing staff.
Stackwit Solution
Stackwit deployed an AI-powered invoice processing system that could extract data from invoices, match them with purchase orders, route for appropriate approvals, and schedule payments automatically. The system integrated with their existing ERP and banking systems to provide end-to-end automation.
AI Workflows Implemented
AI automatically extracts data from invoices received via email or upload
System matches invoices with purchase orders and delivery receipts
Machine learning validates invoice accuracy and flags anomalies
Automated workflow routes invoices for approval based on amount and policies
AI schedules payments to optimize cash flow and capture early payment discounts
System generates financial reports and updates accounting records automatically
The Outcome
FinTech Solutions reduced invoice processing time by 95%, from 3-5 days to under 5 minutes. Processing accuracy improved to 99.8%, eliminating duplicate payments and reducing errors by 98%. The company was able to reduce their accounts payable team by 60% while handling 300% more invoices. Vendor relationships improved significantly due to consistent, timely payments, and the company captured over $50,000 annually in early payment discounts.