McQueen Autocorp is a leading US-based used car selling company with a buyer network spread across the entire United States. McQueen Autocorp offers a nationwide modern car selling service, facilitates sellers with an instant offer for their car(s) using price prediction algorithms and real-time bids from an extensive network of licensed buyers.
Disclaimer - The name McQueen Autocorp is a placeholder as there is an NDA signed between both parties.
Payment and invoice processing was a tedious task for McQueen Autocorp. The finance team faced inefficiencies in their daily day-to-day operations as the processes needed to be carried out manually through a separate app.
Maruti Techlabs was roped in to synchronize their finance ecosystem. We migrated the entire financial system to ACH API, the most popular mass payments platform for B2B transactions.
Instead of dealing with separate payment files, Maruti Techlabs created a standardized NACHA formatted ACH file generator that automated the entire process and made it wholly electronic and transparent.
The client was using a third-party application to process monthly payments to its multiple vendors manually.
Invoices for each payment had to be generated via the third-party app and then updated separately in the client’s system. Separate payment files led to a broken workflow with increased chances of errors and rejections.
Using the third-party application resulted in a loosely-coupled finance ecosystem with a repetitive entry of invoices and frequent to-and-fro between the third-party tool and the client’s in-house system. It became challenging for the client to reassociate the payment data with the payment transaction.
Other limitations were as follows:
Maruti Techlabs understood the client’s payment cycle and migrated from the manual payment process to the ACH (Automated Clearing House) mode of payment. ACH is a way of moving money electronically between bank accounts without writing checks or entering credit card numbers manually every time you need to make a payment.
For payments made via the ACH network, both sender and receiver need to comply with a set of guidelines provided by NACHA.
NACHA, or National Automated Clearing House Association, is the organization that governs and manages the ACH network. NACHA maintains a list of rules, also known as NACHA guidelines, that need to be followed to send or receive money through the ACH network.
After extensive research, the experts at Maruti Techlabs developed a file generation system that generates a NACHA guideline-compliant file every time a payment is made.
As per the solution, every time the client processes an invoice or makes a payment, the system creates a NACHA compliant file that is automatically sent to the bank to process the payment.
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