Automated Cash Allocation & Matching
In insurance companies and brokers, the task of allocating Premium and Claims cash receipts to the correct transactions on the ledgers is a laborious and manual task. The process is expensive to manage, inefficient and can give rise to large sums of unallocated cash waiting to be correctly allocated
All transactions that are awaiting payments are loaded into the platform, via a feed from the client’s policy administration system, to create Digital Contracts & pending smart transactions. The standard electronic Bank statement is also imported into the F3 platform. By using a combination of business rules and Machine Learning the individual transactions are matched to the payments on the bank statement
The F3 platform provides the client with an enriched and detailed enhanced electronic bank statement at the transaction level. This feed can then be used by the client to automatically update the correct transaction in their correct counterparty ledger with only exceptions to be manually reviewed.
- 70% reduction in the workload of the operations team responsible
- 90% reduction in unallocated cash
- Transactions are automatically handled by the platform and processed at a fraction of the current cost (estimated to be around £70 GBP per credit entry on the bank account)