Customer Stories

Fluid
Funding Societies
Luce
StashAway
WhiteCoat Global
Zalora

Large office maintenance company automates payments reconciliation with Acme.

Luce is one of the largest professional office cleaning companies in Singapore with a huge volume of B2B payments. Working with Acme, Luce made the end to end process of B2B payments seamless for customers and internal teams.
"Automated reconciliation has significantly reduced the time required to reconcile payments. What used to take days or even weeks is now accomplished in a matter of hours or minutes, allowing the finance team to focus on more strategic tasks."

- Jason Zhang, CEO of Luce

Impact

<2 minutes reconciliation per customer
Luce saw a reduced numbers of disputes and inquiries
>50x reduction in reconciliation time
1000 invoices reconciled in 1-2 hours now, vs. 3-4 days previously
Active implementation time of <2 weeks
By working with Acme, Luce was able to spend only 2 weeks of active engineering efforts to deploy the solution

Challenge

With a large number of transactions happening on a daily basis, Luce found itself facing several challenges:

(a) Waiting 3-4 days for invoices to reflect in their internal systems, delaying the reconciliation process.

(b) Time-intensive reconciliation involving many hours of sifting through records, cross-referencing with bank statements, and identifying discrepancies.

Solution

Acme developed an automated reconciliation solution that enabled Luce to receive real-time transaction notifications whenever a transaction hit their bank account, and reconcile that against invoices sent out.

With the help of Acme, Luce was able to automatically match every transaction to each invoice. This reduced all the manual work required to identify transactions that had incorrect or incomplete identifiers (e.g., Name of payer, Invoice number). Potential errors from manual work was also eliminated.