How COTY Achieved 87% Straight-Through Payment Processing Automation
Duration: 60 minutes
Scaling operations efficiently in the electronic payments era is a challenge for many companies. The rise of electronic payments results in non-standard remittance formats, among other challenges. Valuable time is also lost validating deduction line items in what has become a manual and error-prone process.
COTY, the €6.6 Billion beauty and fragrance major, dealt with a geographically-distributed cash allocation process that resulted in longer cycle times to realize payments in the accounting systems.
Increase cash application automation up to 87% and scale across business units and geographies
Leverage technology to aggregate data from various remittance formats including EDI, web portal, email, and checks
Achieve 100% automation for email remittance
Pre-code >90% deductions automatically using cash application automation