Stories : Ours & yours

Rimilia’s financial AI software auto-matches $250 billion in a year

March 14, 2018

Rimilia, a developer of intelligent automated financial solutions, has reached a new annual processing milestone for its financial software as Rimilia Alloc8 software auto-matched and allocated more than $250 billion of annual payments.

Rimilia Alloc8 is a set of intelligent financial software solutions for cash application, reconciliation, credit control and credit management. Rimilia Alloc8 enables businesses to increase cashflow, reduce complexity, boost customer satisfaction, lower operating costs and mitigate financial risk. It does this by automating or eliminating routine and manual tasks, increasing debt transparency, dynamically managing credit management strategies, and accelerating the pace of cash recognition.

“Our vision is to transform the expectations of financial and cash allocation software solutions,” said Steve Richardson, CCO and cofounder, Rimilia. “There is a great deal of talk about artificial intelligence, machine learning and robotics, and our role is to help CFOs, credit controllers and treasury managers to understand and harness intelligent technology that truly transforms their business. Auto-matching is one of the easiest points of entry for some financial teams that want to move to more intelligent and automated ways to working, but aren’t sure where to start and every year we increase the volume of auto-matching we provide. Reaching 250 billion dollars in a year is a great landmark for us and our customers.”

Rimilia’s Alloc8 software auto-match rates reach up to 94 percent, including multi-currency and cross currency matching. The software includes more than 150 out of the box auto-match rules that cover a range of payment conditions including: one-to-one payments, one-to-many, many-to-one, full account payments, short pay, over pay, deductions, discounts, market rebates, cross-ERP, bank charges, and multicurrency payments.

Rimilia Alloc8 handles multiple payment formats including Bill Pay, ACH, BAI, BACS, SWIFT, wire, lockbox, checks, cash, credit cards, debit cards, and bills of exchange.

“We’re leaders in cash processing automation. We are financial professionals ourselves, so we have real insight into the challenges faced by businesses and some of the common issues facing financial teams and how to apply technology to transform their business,” concluded Steve Richardson.

About Rimilia

Rimilia provides intelligent, automated financial solutions to dramatically improve cash application, remittance services and credit collection processes.

Harnessing machine learning, predictive analysis and artificial intelligence, Rimilia enables corporates, lockbox providers and Fortune-1000 businesses to increase throughput, resolve unaccounted payments, gain transparency of transactions, and apply valuable predictive insight and dynamic decision-making into payment processes.

Founded in 2008, Rimilia is headquartered in Bromsgrove, U.K., with U.S. offices in Richmond, Va. Investors include Eight Road Ventures and Kennet Partners.