Volt Bank is Australia’s first neobank, and their mission is to help people develop positive financial habits. As a rapidly growing and innovative organization, Volt Bank has a strategy around continuous innovation both outwardly into the market and internally to improve back-office processes and systems.
Volt Bank decided to implement automated transaction matching with Cadency® by Trintech to solve challenges associated with its manual high-volume transaction processes. Some of their challenges were:
- A highly manual reconciliation process
- Risk exposure
- Lack of visibility over the financial close process
Since implementing Cadency, Volt Bank has seen increased efficiency, reduction in costs with risk management, and a streamlined financial close process for a simplified audit.
3 Benefits Volt Bank Gained with Cadency
#1 Automated Transaction Matching
Volt Bank needed a solution that would help diminish time spent on their high-volume transaction matching process. Before implementing Cadency, Volt felt that the manual process of matching and reconciling accounts consumed valuable time that their team could have spent driving the organization’s strategic direction. They determined it was time to invest in automated transaction matching, so, the Volt team researched multiple vendors and considered building an in-house solution but realized none of those solutions were cost-effective. Ultimately, Volt determined Trintech would be the best fit for partnership after discussing automated transaction matching with other organizations who had success with Cadency.
Following the initial use of Cadency’s automated transaction matching, Volt experienced a substantial decrease in time spent reconciling accounts and saw improved productivity as staff refocused their energy on value-added, strategic activities. They also noticed a quick return on investment with this software feature alone.
“With Cadency, the time spent matching accounts has reduced significantly, and we have greater confidence in the numbers we are reporting.” – Alan Manuel, Program Manager of Volt Bank’s Transformation Project
#2 Improved Risk Management
A pioneer in the industry as Australia’s first licensed neobank, Volt Bank wanted to avoid any scrutiny over their operational processes– having complete visibility and reliability was a critical component when choosing a solution. Along with automated transaction matching, Volt needed to ensure that they could execute the proper procedures and controls in order to comply with the Australian Regulatory Authority requirements.
Cadency’s technology improved risk management efforts by enforcing workflows and policies unique to Volt, so any exceptions are alerted to the appropriate member of Volt Bank’s F&A team. Afterward, all supporting documentation in the resolution process is available in one central location for a more efficient financial close process. This feature of the solution gave Volt Bank peace of mind knowing that they could trust the integrity of the reconciled data.
#3 Streamlined Financial Close Process
Cadency has been instrumental in streamlining Volt Bank’s financial close process. Although Volt initially chose Cadency for its automated transaction matching, they expanded its use to gain additional value once they found it to be such a reliable solution. The phased implementation of the solution allowed Volt to see the full impact that automation and risk management technology provided their company, saving them valuable time and resources.
Using Cadency has enabled their finance team to maintain constant communication, while significantly reducing missed deadlines and ensuring the accuracy and completeness of financial statements. In turn, this gave Volt a more compliant close and the confidence to invest in further training and education with Trintech’s team to execute additional features of Cadency.
Volt Bank’s Future with Cadency
Volt Bank’s switch to automated transaction matching demonstrates its commitment to innovation and self-improvement. The success of the current partnership with Trintech has driven Volt to expand their use of Cadency and given their team time to analyze opportunities for future advancement. As Volt continues growing their return on investment, they plan to maximize the additional benefits that Cadency offers.
Build Your Business Case for Automated Transaction Matching Today
With high volumes of financial transaction data, many organizations spend exorbitant amounts of time creating spreadsheets and manually identifying those transactions for verification while mining for those high-risk items. Regularly, reconciliations are delayed, which impacts visibility into the financial performance while also increasing the risk of write-offs. In addition, your highly skilled team is spending all their time trying to find and resolve those exceptions when they should really be using that time for higher value work like data analysis and supporting the company’s strategic direction. As the Office of Finance evolves to a more strategic role in the business, it’s critical that your highly talented resources are focused on working strategically vs. manually matching accounts.
View this webinar to learn about how Cadency Match can help your Office of Finance automate high-volume transaction matching (just like we did for Volt Bank) as part of a comprehensive approach to the Record to Report process – rapidly enhancing the accuracy and regulatory compliance of all resulting financial statements.
Written by: Lauren McCrohan