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Funding Societies saves >600 hours a year on recognition and reconciliation of transactions by adopting Acme's platform

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Instead of having to hire more headcount, working with Acme helped us to save more than 600 hours a year on recognition and reconciliation.

Instead of having to hire more headcount, working with Acme helped us to save more than 600 hours a year on recognition and reconciliation.

- Jing Cheng Ng, Head of Operations, Funding Societies

About

A leading SME digital financing platform in Southeast Asia, providing loans, invoice financing, and growth capital.

Impact

>600 hours/year saved

What used to take Funding Societies over 80 hours of work a month, has now been cut by >65% with Acme's solution, and delivered with high accuracy.

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Full transaction visibility in or near real-time

By rolling out Acme's recognition and reconciliation product, Funding Societies is able to quickly and easily recognize all transactions entering their bank account, which is critical for business operations and compliance.

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Focus on core product

With Acme's support on all the backend integrations work and coordination with the bank, the project went live in under 3 months. Funding Societies' engineering and product team was able to focus time on building the core product.

Context

As the largest digital financing platform in Southeast Asia, it is critical for Funding Societies to have real-time visibility over money movement, and to accurately recognize and reconcile high volumes of transactions. In addition, as one of the front runners in the digital finance space, Funding Societies is constantly looking at ways to innovate and automate collection of funds.With bank integrations being top of mind for Funding Societies, Acme's solution came at the right timing. Acme designed a solution that would help to address the critical needs of Funding Societies around reconciliation and fund collections.

"We were doing manual reconciliation everyday, and we know that this is something we need to automate. Acme checks of all the boxes that we were looking for in a provider, given their experience and expertise in the field." - Jing Cheng Ng, Operations Manager

Solutions

Acme's automated recognition and reconciliation solution enables Funding Societies to accurately match bank transactions with data on their internal platforms. This is a critical task to automate as the company continues to scale and see an increasing volume of transactions every month.Further, as a digital financing platform, it is critical that transactions are matched and reconciled accurately.

"The previously manual process, which takes about an average of 80 hours or more a month, has now been reduced by more than two-thirds, which means Acme has saved us more than 50 hours a month." - Jing Cheng Ng, Operations Manager

The collaboration does not end here. Acme and Funding Societies are continuing to build out other aspects of bank integrations, including an optimal process for fund collections via eGIRO, payouts, and later down the line - the potential of including additional banking partners on the platform.