EdgeVerve

Australian Military Bank (AMB), a leading digital community bank in Australia, was facing stiff competition from large banks, fintechs, and neo banks. The bank was struggling to cater to the new breed of digital-first customers and wanted to become more agile and responsive to rapidly evolving customer needs. The bank aimed to provide superior banking services across various channels with customer-focused products. However, the existing technology stack was not robust enough to support this digital transformation. The bank also wanted to be ready for Open Banking and New Payment Platform (NPP) from day one.

The client, a US-based transportation and logistics company operating in 30 countries, faced a significant challenge due to the COVID-19 pandemic. The majority of their staff were working remotely, which was impacting the day-to-day operations of key processes such as invoice collections. The process involved the client's customers posting invoices on their internal or third-party vendor portals. The status of invoices, whether collectable or in dispute, was manually verified by the client's staff by visiting each website or portal. This process was extremely time-consuming and led to a large amount of Daily Sales Outstanding (DSO), negatively impacting the client's cash flow. The client was motivated to automate the invoice collections process to expedite invoice collections, ensure business continuity, and compensate for the shortage of staff during the pandemic.