Matching Remittances
Matching remittances is a time consuming job for all business and there are more value add tasks a person can do. ProcessX has developed intelligent automations that enable remittances to be accurately matched with only the exceptions highlighted for investigation.
The manual reconciliation process consumed two days each week, dealing with statements that included 300 to 400 invoice lines. Frequent exceptions arose due to payment mismatches across multiple companies, further complicating the task. Additionally, the absence of a standardized method resulted in inefficient and error-prone procedures.
Remittance matching was automated using UiPath Document Understanding, complemented by a custom application designed to flag and track exceptions. To accommodate varied remittance formats, tailored data models were developed for each customer. Additionally, machine learning techniques and custom validations were applied to continually enhance accuracy over time.
- Reduced daily remittance matching time to just 25 minutes, including approximately 15 minutes for ERP system synchronization, significantly improving operational turnaround.
- Released 50–70% of manual capacity, enabling teams to focus on higher-value tasks and reducing operational fatigue.
- Achieved 80% accuracy in data matching, with continuous improvement driven by automated model retraining and performance monitoring.
