Bitstamp Leverages Automation for Increased Standardization and Greater Control across the Financial Close
Case Study
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Since implementing Adra, Bitstamp has seen several benefits, such as increased confidence in the quality of their data, more time to focus on strategic initiatives with greater efficiency, visibility into bottlenecks of their existing processes, and control across their reconciliation and close processes.
About Bitstamp
Bitstamp is the world’s longest-running cryptocurrency exchange, supporting investors, traders, and leading financial institutions since 2011. With a proven track record, cutting-edge market infrastructure, and dedication to personal service with a human touch, Bitstamp’s secure and reliable trading venue is trusted by over four million customers worldwide. Whether through their intuitive web platform and mobile app or industry-leading APIs, Bitstamp is where crypto enters finance. For more information, visit www.bitstamp.net.
Why Adra® by Trintech?
Faced with the realization that their manual processes were no longer manageable, Bitstamp began to investigate solutions that could offer increased efficiency, visibility, and control across their reconciliation and close processes. “When it came time to analyze the different solutions in the market, I reached out to Trintech as I had partnered with them at a previous company and had a very positive experience,” said Gallimore.
After reviewing Adra® by Trintech, Bitstamp decided to implement Adra Balancer to help with their account reconciliation automation and Adra Task Manager to automate their financial close management tasks. Bitstamp also implemented Trintech’s SAP connector to allow for direct integration of data between Adra and their SAP ERP instance. “The time savings we have achieved from the direct integration of data between Adra and SAP has been tremendous,” continued Gallimore.
ROI Achieved
Since implementing Adra, Bitstamp has seen several benefits including more efficient and standardized processes with greater control. “One of the biggest benefits is that Adra gave us visibility into the bottlenecks in our existing process and highlighted where we needed to make changes,” said Gallimore. “You can’t continue to improve if you don’t have that initial visibility into how things are operating today.”
Bitstamp has also seen a huge increase in productivity and has been able to close their account reconciliations much earlier in the month. “Adra provides the team with exactly what they need in a standardized format, so they aren’t wasting time chasing items down during the periodend close,” said Gallimore. “Prior to Adra, it was just ‘do and no time for review’. Because the process has sped up considerably, our team now has time to analyze the data and provide key, strategic information back to the business.”
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