The Challenge: Growing Pains in a Rapidly Evolving Business

As one of the world’s leading insurance organizations, this company faced growing pressure to scale its finance operations while maintaining control and compliance. Manual processes, heavily reliant on SharePoint and spreadsheets, were straining under the weight of global growth. Reconciliation oversight varied by region, introducing compliance risk and creating bottlenecks.

With the business expanding rapidly, the existing systems lacked the agility to keep pace. The company faced limited visibility and inconsistent control across its global balance sheet. Manual processes and regional variations in reconciliation templates and approvals led to inefficiencies, audit risks, and delayed reporting. Without centralized dashboards, tracking and resolving issues was time-consuming and costly making it difficult to scale effectively.

The Solution: Cadency by Trintech

With Trintech’s Cadency Platform, RaceTrac gained enhanced visibility and control over their financial processes:

Certification: Streamlining Reconciliations at Scale

Cadency Certification replaced manual processes with automation across more than 18,000 reconciliations monthly. This covered over 98% of their balance sheet and resulted in major efficiency gains:

• Initial implementation of Certification reduced reconciliation preparation time by 25%
• Further automation through Certification RPAs saved an additional ~10 minutes per reconciliation, totaling over 2,000 hours saved per month
• Automated prep and file uploads reduced human error
• Open item details became easily accessible for quick resolution
• Visibility and monitoring thanks to integration with PowerBI dashboards

Risk-Based Optimization: Work Smarter, Not Harder

Rather than reconciling every account every month, Cadency enabled a risk-based approach. Reconciliation frequency was determined by materiality thresholds and general ledger movement, allowing the company to:

• Confidently skip 40-50% of reconciliations in non-quarter-end months
• Apply global standards while accommodating local exceptions

Close: Centralized Control with Real-Time Insights

With Cadency Close, the finance team gained transparency into month-end activities across all regions. Key features included:

• Automated email reminders and task delegation
• Bulk task actions to reduce administrative overhead
• Standardization of tasks enabling analytics leading to shortening month end close by 2 days from WD7 to WD5

Match: Automated Carrier Reconciliation Made Easy

Reconciliation of insurer statements and broker invoices was previously time-consuming and inconsistent. Cadency Match brought automation and intelligence to the process:

• Smart matching rules handled complex scenarios (1:1, 1:many, many:many) with configurable tolerances
• Manual override and audit trails supported exception handling and regulatory needs
• Imports from various systems were harmonized, with real-time alerts and exportable reports (Excel, CSV, etc.)

The Journey: From Fragmentation to Global Consistency

Foundation: Visibility & Control

• Initial deployment targeted core finance processes: Cadency Close, Match, and Certification
• Rolled out to major finance hubs including North America, UK, and Central Europe
• Introduced audit remediation workflows to support standardized control and process visibility
• Achieved global close tracking across 126 entities, with Cadency Certification live in over 50 countries

Expansion & Maturity: Global Standardization

• Adoption scaled across Europe, Latin America, and Asia-Pacific
• Regional finance enters established to centralize operations and governance
• Extended scope to include Controllership, with global process monitoring in place
• User base grew to 1,300+, supporting comprehensive balance sheet coverage

Optimization & Efficiency: Automation & Insights

• Extended implementation to business operations and outsourced finance teams
• Reached additional regions in Eastern Europe, Africa, and Asia
• Enhanced with dynamic templates, real-time risk rating, and system integration
• Transitioned from standardization focus to insight-driven automation and efficiency optimization