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