IndustryBanking & Financial Services
ServicesIntelligent Automation (RPA)
We made a visible and
measurable impact to our
client's business
manual efforts eliminated, ensuring timely vendor payments.
98%
About the Client
The client is a large Public Sector Bank (PSU) managing high-volume vendor payments. Their finance team handles numerous invoices at the end of each month, requiring timely processing to avoid payment delays.
The Problem
The bank’s finance team faced significant challenges with manual invoice processing, including:
- High Workload: Bulk invoices at month-end created an operational bottleneck.
- Dependency on Employees: If account executives were on leave, the process was further delayed.
- Time-Consuming & Error-Prone: Manual data entry increased processing time and the risk of errors.
Our Approach
Lauren implemented a Robotic Process Automation (RPA) solution using Automation Anywhere A360 and IQ Bot to streamline the invoice processing workflow.
Our Development Process
- Invoice Digitization: The bot reads digital invoices using IQ Bot’s AI-powered document automation.
- Data Extraction & Validation: Key invoice details are extracted and validated against predefined rules.
- Seamless Data Entry: The extracted data is automatically inserted into the IFAMS (Invoice Processing Application).
- Invoice Authorization: The bot cross-checks and approves invoices for payment processing.
- Exception Handling: Any discrepancies or missing data are flagged for human review.
- Payment Request Generation: Approved invoices trigger payment requests to the Finance Team.
Tech Stacks Used
Automation Anywhere A360 (RPA for workflow automation)
IQ Bot (AI-powered document processing)
IFAMS (Invoice processing and financial management)
The Result
- Invoice processing time reduced from 10 minutes to just 1 minute per invoice.
- 98% of manual tasks eliminated, reducing errors and increasing efficiency.
- Payments are now released on time, improving vendor relationships.
- A scalable, automated solution ensures seamless processing even during employee absence.