Oracle NetSuite Case Study - This Is How Inspirria Automated Payments Process For A Fintech Startup

Oracle NetSuite offers a suite of integrations and automation, when it comes to streamlining financial processes, such as payments, money transfers, and more.

 

To execute such integrations, and enable automation, you need a knowledgeable and reliable partner, who knows the power of Oracle NetSuite and suggest the best forward.

 

In this case study, we will showcase how Inspirria completely automated a critical payments process for a leading fintech startup and streamlined its financial management by utilizing Oracle NetSuite.

 

The Problem

 

A leading fintech startup that provides loans to customers via mobile app, faced a very big problem: Manual payments.

 

They wanted an automated system, wherein the payments to the vendors are transferred via CitiBank, directly. At the same time, there should be a check in place so that the system can validate data and payment processing before finalizing it. 

 

They contacted Inspirria to enable such an automated system that can utilize Oracle NetSuite, process the data, and enable direct money transfer from CitiBank to their vendors. 

 

We accepted this challenge.

 

The Solution: Oracle NetSuite Powered Payment Automation

 

We understood the existing manual payment process, and deeply researched the problem that the fintech startup was facing. 

 

We made a blueprint to integrate the CitiBank server with the existing NetSuite platform via the SFTP server, and this enabled a smooth Electronic Fund Transfer process from the bank, directly to the vendors.

 

Besides, we placed several checkpoints in between this automated process, so that the system can automatically verify and check the data being processed to ensure 100% accuracy in the money transfer process. Since it was a critical payment-related process, we ensured that there is no discrepancy, and there were zero errors while initiating the automated money transfer process.

 

Once this payment automation process between CitiBank servers and NetSuite was completed, the company deployed it for both Vendor payments, and employee payments and removed all manual processes from the system.

 

Due to the robust and safe SFTP servers, the transactional data was safe, secured, and encrypted, and we made sure that there were no security-related hassles in this automated process.

 

The fintech startup was able to process bulk payments swiftly, without any hassles, and saved their time and resources. 

 

Managed Services From Inspirria: A Game Changer

 

Inspirria is an award-winning Oracle NetSuite Implementation Partner and has over 16 years of experience in deploying and managing Cloud technologies for 650+ clients all across the world.

 

We can turbocharge your existing Oracle NetSuite deployment, customize it, mold it and personalize it based on the specific business needs and requirements. 

 

Automating the payments process, and directly integrating NetSuite with the bank’s server via SFTP, as mentioned in this case study, is just an example of how we can optimize your existing NetSuite deployment, and make it future-ready to handle all business operations.

 

We can customize workflow, add/edit or delete existing processes, induce more automation, more optimizations, create interactive dashboards, and more.

 

Schedule a no-obligation appointment with our NetSuite Consultants, and discover how our managed services can boost your productivity and ROI from Oracle NetSuite.