Global Financial Services
This second-largest financial services organization in the world serves 200 million customer accounts worldwide. The company turned to APEX Analytix for an end-to-end global framework that would strengthen procure-to-pay process controls and provide continuous, software-based protection.
“The APEX Analytix revolutionary software and virtual team model have allowed us to execute a Global Incorrect Payment Prevention Program across regions.”
– Accounts Payable CAO
The company’s global shared services center relied on an ERP platform and its own internal controls to prevent disbursement errors and fraud. But the organization found it hard to uncover errors that spanned multiple countries and subsidiaries. Executives felt their approach was more reactive than preventive and looked for a broader, more comprehensive protection against disbursement losses.
APEX Analytix helped the firm establish an innovative protection framework based on industry best practices and APEX Analytix FirstStrike® software—a sophisticated technology used by the world’s largest companies for overpayment prevention, fraud detection, vendor management, reporting and analytics. FirstStrike overlays the company’s global ERP footprint to extract and analyze payment data that spans 10 languages and dozens of currencies. Personnel in regional hubs evaluate FirstStrike reports daily to identify and halt overpayments. In addition, FirstStrike is used to conduct internal recovery audits of billions in historical spending.
The company’s new automated prevention-based approach collapses multiple legacy systems into one powerful control framework. Team members are now empowered to identify, prevent and recover incorrect payments proactively and to improve contract pricing compliance. Among the impactful outcomes:
- Year-over-year benefits to the company’s bottom line
- Improved process controls enabled by root cause analysis of errors
- Top-decline performance across a broad range of global AP metrics
- Payment accuracy rates that exceed APEX Analytix benchmarks
- Near doubling of spend compliance coverage from 50% to over 90%
- A broadly expanded historical audit footprint that encompasses 50 countries