Outbound Payment Recoveries

About 26k accounts involved in outbound payment recovery processes that require frequent monitoring and management. Around 15% of invoices are overdue or have delayed payment, requiring proactive recovery efforts and more resources to manage follow-ups. More than 5 days delay in payments on average, requiring additional administrative effort to track and resolve, leading to operational inefficiencies.

Business Challenges

• Identifying and processing errors in outbound payments, such as overpayments, wrong account details, or incorrect payment amounts.
• Reversing or correcting payments can be a complex process, requiring coordination across multiple departments, systems, and sometimes even with external parties (e.g., beneficiaries or payment service providers).
• Incorrect recovery actions can lead to non-compliance, potentially resulting in penalties or reputational damage

Solution Highlights

• Developed a suite of 5 UiPath bots that leverage OCR, AI, and ML features to automate key aspects of the payment recovery process. This includes data extraction, validation, and reconciliation.
• Developed bots to validate and verify customer agreements and the corresponding system records. The bot extracts data from internal systems (such as CRM or ERP) and cross-references it with customer agreement data to identify discrepancies or missing information.
• The second stage of validation involves comparing agreement data with invoice data to ensure the payment amounts, terms, and recipient information match. The bot automatically checks the data for consistency and accuracy before proceeding with payment processing.

Business Outcome

Average reconciliation time per payment was brought down to 1.5 mt from 8 mt. Overall reconciliation time was brought down from 100 days to about 6.25 days and a remarkable saving of over 3000%.