TTK Prestige Leveraged AI to Achieve 90% Accuracy & 80% Improved Efficiency in Cash Application

The Objective

To expedite the receivables process, eliminate payment matching errors and improve visibility into the cash reconciliation process.

The Background

TTK Prestige Limited is a multinational company specializing in kitchen and home appliances. It has been the leader of cookware in India for over six decades. The company has diversified into cleaning solutions, electrical appliances, and home improvement products. It exports its products globally and has a strong retail presence with around 680 stores across 375 cities in India.

The Numbers

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Faster Reconciliation

0 Days

Reduction in DSO

0 %

Dealers on FreePay

The Numbers

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Accurate Cash Reconciliation

$ 0 K

Worth Transactions Reconciled

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Increase in Employee Productivity

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Payments Applied Automatically

The Challenge

TTK Prestige has a vast customer base and has partnered with big e-commerce platforms, including Amazon and Flipkart, along with logistic giants like Blue Dart, Delhivery, and others. Earlier, the company relied on a fully manual process for managing Accounts Receivable, which led to evident challenges in reconciling the large volume of payments. This manual approach disrupted the finance team’s operations, resulting in delays, errors, and laborious payment handling.


Reading Remittance Advice of Multiple Formats

TTK Prestige has a diverse clientele, and every customer sends remittances in their preferred formats. Reading remittance advice in multiple formats from different marketplaces, interpreting them, and closing them in ERP was a real roadblock for their finance teams.


Error-Prone and Time-Consuming Process

The cash reconciliation process was manual and was frequently encountered with errors. The finance teams used to dedicate much of their time to only cash reconciliation due to its time-consuming manual nature and couldn't focus on other high-value tasks. It decreased productivity and delayed cash posting, leading to prolonged blocked credit limits of customers.


Limited Visibility into the Cash Reconciliation Process

The finance leaders lacked a single source of truth to monitor the metrics or get an accurate picture of the reconciliation statuses. The inability to access real-time data and reports hampered visibility and executive supervision of day-to-day tasks, affecting decision-making.


No Order-Level Reconciliation

In TTK Prestige, only settlement-level reconciliation was executed. This process lacked the granularity to identify discrepancies at the level of individual orders or refunds and made it harder to pinpoint where errors occurred and address them effectively. This complexity led to longer resolution times and increased operational challenges.

Our Solution

TTK Prestige chose Global PayEX's AI-powered cash application software, AlgoriQ, to automate its end-to-end cash reconciliation process.


Intelligent Parsing of Multi-Format Remittances

AlgoriQ reads the received remittance advice from different marketplaces in varied formats and effortlessly captures the required data for payment matching. It has eliminated the need for TTK Prestige's team to read the remittance advice manually and do data entry, reducing manual effort and streamlining the process. After auto-reading, AlgoriQ instantly initiates the reconciliation process.


AI-Driven 3-way Matching Engine

AlgoriQ’s AI-based Intelligent Fund Allocation (IFA) engine matches the remittance advice with bank MIS and invoice pulled from TTK Prestige’s ERP system. It enables straight-through cash posting directly into the ERP with zero manual touchpoints, eliminating the scope of errors. AlgoriQ has also facilitated the smooth settlement of multiple marketplace charges like commissions, handling fees, warehouse charges, handling charges, and many more for TTK Prestige.


Real-Time Visibility and Comprehensive View

AlgoriQ creates a payment reconciliation file for the TTK Prestige team and sends it over the email over fixed intervals and also displays it in the AlgoriQ Dashboard. The dynamic dashboard contains summary snapshots of the total number of payments and their reconciliation status and has filters to drill down into essential metrics. It has helped the finance leaders to track and monitor AR health and take necessary, timely actions.


Order-Level Reconciliation

AlgoriQ performs order-level reconciliation for TTK Prestige. Every day, they receive numerous orders from marketplaces like Amazon, Flipkart, etc., and this order-level cash reconciliation enables TTK Prestige’s team to track financial transactions meticulously at the individual order level. Our solution also raises alerts whenever a receipt mismatch occurs so finance teams can act on it. It has helped TTK Prestige improve cash posting accuracy, ultimately optimizing the working capital management.

The Results

AlgoriQ automated TTK Prestige’s cash reconciliation process, handling all the complexities of remittance advice from various marketplaces. The automation capabilities have helped them expedite the AR processes, reduce errors, enhance cash flow visibility, and free up valuable time for their finance and sales teams to focus on new retail partners.

The payment volumes have grown exponentially, but with AlgoriQ, there was no need to increase headcounts as the system handles all the tedious, repetitive tasks with automation. The cash application process is completely optimized with a 90% accuracy and zero-touch straight-through cash posting.

“A highly adaptable solution that has transformed the way we do business”

We have been using FreePay since 2017 and the improvement and efficiency it has brought in our collections and account receivables management has been remarkable.

FreePay has helped deliver electronic invoices to our Channel Partners in real time, process payments with all our business terms plugged in and taken care of our end-to-end customer account reconciliation.

Our Channel Partners have also been very appreciative of introducing FreePay to them especially for its feature capabilities, ease of use, transparency and customer support, without adding any cost to them.

Joseph Selvakumar , Vice President – Commercial ,

V-Guard Industries Ltd.

"Our accounts teams are delighted with the time & effort saved, and there are much fewer instances of accounting errors. AlgoriQ has automated every step of the reconciliation process, including identification of commission & deductions, accounting them into respective ledgers, and transferring entries to payables."

"Global PayEX’s AlgoriQ helped us in discovering a new way of doing reconciliation with our channel partners. In just the last two quarters since we implemented the platform, it has already improved efficiency by more than 50% by eliminating the manual tasks."

"Our digital collections went from 22% pre-Covid-19 to 80% in March 2021. We unlocked around €7 million in cashflows over 9-months period by adopting FreePay. We have reduced its day sales outstanding (DSO) or the average time taken to get paid after invoicing by 6 days."

"Global PayEx's fintech-powered solution has fully digitized our workflows, alleviating our treasury team from traditional manual practices to better focus on core strategy planning, to further grow the business."

"We have been using FreePay since 2017 and the improvement and efficiency it has brought in our collections and account receivables management has been remarkable. It has helped deliver electronic invoices to our Channel Partners in real-time, and process payments with all our business terms plugged in."

"FreePay has digitized our invoice presentment, automated payment processing and taken care of our end-to-end customer account reconciliation. Our dealers appreciate the solution for its completeness, ease of use and transparency in doing business."

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Reduction in Manual Efforts

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