Discover how Veolia used Rimilia Cash to achieve a Full-Payment Processing Rate (FPPR) of 97%.
Veolia is the leading recycling and waste management company in the UK. It provides commercial, industrial and local authority customers with sustainable recycling and waste services to minimize environmental impact.
The company services more than 80,000 commercial and industrial customers, including more than one hundred local authorities, covering a third of the UK’s population.
The Rimilia Cash solution included these key features:
- Integration with electronic bank data
- Automatic matching algorithms to accurately process receipts without remittances
- Machine-learning to ensure minimal manual intervention
- Comprehensive remittance capture, enabling:
- Paper to be scanned and transferred into data
- PDFs to be automatically detected and turned into data
- Remittance validation and data quality controls
- Anti-money laundering compliance
- Audit trails from payment to invoice
What Veolia achieved with Rimilia Cash:
- 75% savings on costs associated with matching
- 70% increase in efficiency
- 99% of payments applied against invoices on the day they were received
- Unapplied cash reduced to 0.002% of the ledger balance
- No backlog at month-end despite last-minute payments
- Banking errors eradicated due to check imaging
- Elimination of filing and storage of remittances
- Bank reconciliation completed daily within minutes
- Compliance with anti-money laundering regulations
- A return on investment with Rimilia Cash within 4 months
“Rimilia Cash has allowed the Credit Controllers to focus on collecting cash and managing risk. It is no coincidence that in this period we have achieved outstanding cash collections and our bad debts are lower than the industry standard.”
– UK Credit Manager, Veolia
To learn more about Rimilia’s cash application solution, click here.