Case Study: Currencycloud Increases AR Efficiency By 200% With Tesorio

Latest Resources
Koben Williams
August 15, 2019

Currencycloud’s technology is unlocking the global economy for payment platforms of the future. Its B2B cross-border payments infrastructure enables businesses to deliver an awesome experience to their customers, through one simple and flexible API connection. Launched in 2012, Currencycloud is based in London and is regulated in Europe, the U.S., and Canada, and has processed more than $50bn to over 180 countries. Currencycloud works with banks and fintechs globally including Starling Bank, Standard Bank South Africa, Travelex and Klarna.

Challenge

Currencycloud had only one collections analyst who juggled many other responsibilities. At the same time, the company was growing its revenue and customer base quickly. To keep money coming in the door, Currencycloud needed to automate dunning and to find ways to manage accounts receivables more proactively and efficiently.

Currencycloud initially installed a dunning module from its ERP provider but this tool did not fit their needs. “It was a nightmare. It wasn’t flexible and sometimes it just wouldn’t send an email,” says Victoria Vetrova, Management Accountant at Currencycloud. “It didn’t work for us at all”. To communicate with the sales and account reps who were the ones actually calling customers for collections, the team needed a way to track interactions and make sure everyone was on the same page. Lastly, Victoria wanted to optimize her collections email outreach to touch customers when they are more likely to pay. This would help sales teams understand when they should call or contact customers to improve the chances of success.

.To summarize, Currencycloud needed:

  • Automated dunning that’s easy to use and flexible
  • A “Collections CRM” for team coordination
  • Accurate payment date predictions

How Currencycloud Grew Collections, Fast

Read how this rapidly growing company increased cash collections by 60% in 6 months with Tesorio.
Get the case study
Koben Williams
August 15, 2019
Koben is the Head of Customer Operations at Tesorio.
Recent posts

Five Clear Signs That It Is Time To Upgrade Your AR System

Glen Olson
December 16, 2019
President and Founder of Olson Cash Flow Consulting Services, Glen Olson, shares five examples of inefficiencies that should lead you to re-analyze your current AR system and decide whether it is time for an upgrade. 
KEEP READING

Tesorio Launches AI-Driven Cash Flow Performance Platform for Finance Teams; Closes $10M Series A

Carlos Vega
August 27, 2019
Tesorio Launches AI-Driven Cash Flow Performance Platform for Finance Teams; Closes $10M Series A Madrona Venture Group Led the Round Which Includes Previous Investors and Public Company CFOs Who Understand the Challenge of Managing, Predicting and Collecting Cash
KEEP READING

Guest Post: How Veeva Systems Used AR Technology From Tesorio To Improve Collections

Michael Renner
August 20, 2019
Senior AR Manager Michael Renner describes Veeva Systems cut bad debt write offs by 75%, reduced 90-day aged accounts by 50% and improved collections forecasting with smart AR Management technology and Tesorio.
KEEP READING