Automated payment reconciliation increases efficiency and saves time

Salesforce Banking App for automating payment and receivables management processes

In many companies, payment reconciliation in accounting is still done manually today. The account must be checked regularly and reconciled with open invoices. If invoices have not been paid on time, reminders, dunning letters or debt collection must be initiated. This is laborious, costs time and can lead to errors. These processes can be made highly efficient through targeted automation.

Cloudworx, a certified Salesforce implementation partner from Munich, was also faced with this time-consuming manual reconciliation of payments. But as a Salesforce user, founder Timo Müller was sure: “There is an enormous amount of potential in automating this process“.  So he developed a Salesforce app that fully integrates online banking within Salesforce: millio.

The only thing missing was a competent partner capable of bridging the gap between millio and the bank accounts in order to implement the fully automated process and thus make it efficient and secure.

Seamless analysis of account data via the finAPI XS2A interface

An API interface that connects bank accounts with the Salesforce CRM system and enables processing of account transactions is the solution. finAPI has such an XS2A interface (XS2A stands for Access-to-Account). This enables users of the millio application to analyze, evaluate and automatically process all their account transactions.

More than 90% reduction in manual effort for payment reconciliation

The result is a fully digitized process where payments and invoices are automatically linked in the system. The Salesforce user then receives a notification of the paid invoices in the accounting department. Millio is already being used successfully by countless companies from a wide range of industries, and as a result the manual effort has been reduced by more than 90%. Only payments that cannot be clearly assigned due to missing information from the customer during the transfer require manual post-processing.

"Knowing whether or not customers have paid their invoices is essential. However, manual payment reconciliation is time-consuming, monotonous and error-prone. Millio automates this process from day one."

More benefits of this solution are the overview of all German and Austrian bank accounts, the initiation of transfers and the direct debit payments. Receivables management is also becoming smarter thanks to millio: dunning processes can be triggered on the basis of specific events and can also be fully automated.

millio is available for download in the Salesforce AppExchange.

Do you have questions about the finAPI products?

For more information on the Banking API and the legally required PSD2 license, please see the following pages or contact us for a personal consultation. 

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