Rimilia: Flag-bearers of Automated Cash Allocation

Rimilia: Flag-bearers of Automated Cash Allocation

Kevin Kimber, CEO, RimiliaKevin Kimber, CEO From legendary physicist Stephen Hawking, SpaceX innovator, Elon Musk and Microsoft's bigwig Bill Gates, all believe AI could potentially be very dangerous.

However, they along with one Kevin Kimber, a renowned financial expert in the business circles, believe the good can outweigh the bad in the right hands. Case in point, Rimilia, a provider of solutions for intelligent cash allocation, credit management, and collections.

In a world where are there are not many super-intelligent applications yet, especially in the financial world where issues are so complex and wide-reaching that it is necessary to take extreme caution when operating with them, and Kevin Kimber, CEO of Rimilia knows that all too well. Lead by him and an experienced management team, Rimilia has set a new benchmark with its cash allocation software which helps enterprises supplant the legacy standard practices for tracking cash and managing credit collections through an automated workflow that can handle bill payments, disputes and reconciliation, and collection reminders. Leveraging the power of AI, Rimilia has fared well against its peers in providing companies around the globe with faster cash allocation, clearer information, and better control over cash flow.

So how does Rimilia make sense in today's world?

Because even today a large portion of modern enterprises have to endure unnecessary emails or phone calls from their customers requesting them to send another copy of their invoice. Flooded with Excel spreadsheets to track payment follow-up tasks yet no data to prove their position, the bottlenecks within the workflows of these organizations are glaring. In the Accounts receivables space, only three percent of the industry has succeeded in automating their AR process which calls for innovation in this discipline as automating the AR can significantly enable companies to build a healthy financial relationship with customers.

In the experience of Kimber, cash allocation is an important part of accounts receivables as unallocated payments create a negative impact on the collections team, which eventually leads to distasteful customer experience.

"Backed by up to date data, we can provide our customers with significantly higher and richer intelligence and insight"

Cash allocation constitutes a significant determinant of accounts efficiency. However, if done manually, this process can be a frustrating, time-consuming endeavor, requiring multiple resources working on reducing DSOs or resolving deductions. Beyond running the risk of wasted time, delayed updates to customer accounts can result in confusion over the status of payments. All these effects, combined with the wasted time and cost of manual cash allocation, could inhibit company growth on a large-scale level.

Unlike conventional FinTech companies, Rimilia helps businesses leverage the power of automation and artificial intelligence to engage with its customers to embark on more significant goals of integrating their back-office finance functions with the front office. In addition to automating the customer’s accounts receivables, Rimilia also streamlines the flow of over millions of payments in real-time.


Rimilia’s vision is to bring together the best technical brains with deep finance expertise and create a consortium of deep understanding and knowledge combined with the latest technology

“Backed by up to date data, we can provide our customers with significantly greater and richer intelligence and insight,” explains Kimber. With this insight, Rimilia guides its customers to strategize on whom they should do business with, how they should do business and how they should optimize customer relationships to increase credit to those customers, the revenue per customer, or enhance the customer satisfaction.

As a global solution provider, Rimilia today works with any currency, any bank, any ERP, in any country and language because Rimilia was built from the ground up by finance professionals and executives. Tracing the roots of its genesis back ten years ago, the foundation story of Rimilia began with a quest for an automated cash allocation solution lead by three finance executives of a large global corporation. These individuals were tasked to find a robust technological solution for their cash allocation, reducing DSOs, and optimizing their sales ledger. Surprisingly, they could not find the right solution that could match their needs in the entire market. Taking control of the situation in their own hands, the three executives decided to develop one in-house solution.

After successfully creating a robust cash allocation software for themselves, the developers realized that their peer groups and competitors have been enduring the same limitations as them for ages. Witnessing this need for automation software at a massive scale and anticipating the future potential of the technology they had at hand, the trio took the risk of embarking onto an independent venture along with acquiring the IP for the technology that they created. This marked the foundation of Rimilia.

Today, given how the current global economy is faring, the need to get paid promptly and expediting the process of allocating and releasing that cash for further investments has become significantly crucial for all organizations. According to Kimber, Rimilia, today, is best positioned to address this requirement of the modern economy, where the company brings its customers the added value of visibility and insight through AI. “With the help of these technologies, we provide our customers with an opportunity to better streamline complex processes of accounts receivables, assisting them with the intricacies of how to pay and get paid for things,” adds Kimber.

Rimilia leverages AI for customer data analyses and prioritization, equipping clients with the much needed actionable insights and intelligence. The company’s AI-powered credit management and collections tool, Rimilia Collect, sends templated correspondence automatically to customers about payment in the appropriate timetable, allowing collectors to focus on high-profile accounts. “Rimilia Collect helps companies accurately predict the payment patterns by analyzing the customers’ behavior,” says Kimber. Using this data, companies can ascertain a customer’s payment probability, creditworthiness, and accordingly create an alert for future action.

Rimilia is significantly flexible in its approach and works with any currency, bank, ERP, and language. The company’s primary focus is on reducing the resistance of the workflow by connecting the front office to the back office for increased visibility and provides intelligence through the entire customer lifecycle management. “We help clients optimize their sales ledger by reducing the expense significantly and providing real-time cash allocations and increased revenue per customer,” says Kimber.

In many cases, customer disputes are also significantly immanent due to differences in price, quantity, or quality of goods/services. In order to carefully tread through such delicate situations, Rimilia’s team has built a unique feature - Rimilia Resolve, to effectively manage such customer disputes through a centralized system, allowing multiple stakeholders to view the status of the dispute as and when needed. Keeping in mind one of the top concerns of the customer’s list – the security aspect, Rimilia is highly particular in protecting customers’ data and deploys best-in-class security for protecting it.

Rimilia also offers comprehensive remittance capture and anti-money laundering compliance functionalities. The company’s intelligent cash allocation feature, Rimilia Cash has become a single point of reference when applying for customer payments. This tool has successfully eliminated the employees’ manual and time-consuming tasks as they can now post and apply payments directly on the sales ledger.

Rimilia's cash automation solutions come out-of-the-box with cloud-based delivery. This essentially means they can be up and running in "no time." Besides the automation solutions come with in-built learning capabilities that adapt and self-learn continuously, resulting in improved process and increased efficiencies. Alongside this Rimilia has another trick up its sleeve, a transparent pricing model for all solutions (future proof) that ensures clients will be able to enjoy a fast return on investments giving clients "peace of mind," negating the likelihood of any hidden surprises.

Citing one of the successful customer engagements of Rimilia, Kimber talks about the case study of Wesco Aircraft. Using the JD Edwards ERP system, Wesco was spending its valuable time applying cash against the invoices. The challenge, however, was that the company updated its sales ledger and applied cash manually. Adding further to the slump, Wesco had multiple points of references when applying numerous payments, which radically reduced their team’s efficiency and productivity, until Rimilia intervened. Through its solution, Rimilia empowered the Wesco with the ability to integrate with the electronic bank data and automatic matching algorithms to accurately process receipts with or without remittances and deployed machine learning to ensure minimal manual intervention.

The Organizational Value

A significant part of the primary principle behind the delivery model of Rimilia is its ‘service first’ approach. The company believes that for any organization, enhanced quality of service complements the unique technological edge of their offering rendering success both for the vendor and the customer. “We exist to simplify the complex processes of our customers. We believe in thinking big, moving fast, and making our actions count,” smiles Kimber.

Rimilia continues to invest in technology to stay ahead of the competition and level the playing field for AR in finance. Today, the company stands as renowned fintech providers in the markets of the U.S., UK, and Europe. Recently, Rimilia has established its footprint with offices in Denver and Toronto. In the last 12 months, the company has tripled the team with additional prospects of adding 50 more people in North America. Rimilia consists of a closely-knit team that has worked across many industries and markets in numerous roles from credit control to credit management and CFO. The common thread here is the passion for AI and machine learning. "It is a big thing for us that we deliver best-in-class software, but we also care about the people who use it," says Kimber. The firm's staff believe in the added value Rimilia solutions can bring to the global customer market and are prepared to go that extra mile to provide exceptional quality of service. “Going forward, Rimilia’s vision is to bring together the best technical brains with deep finance expertise and create a consortium of deep understanding and knowledge combined with the latest technology,” concludes Kimber.

Company
Rimilia

Headquarters
Worcestershire, UK

Management
Kevin Kimber, CEO

Description
Rimilia provides intelligent, finance automation solutions that enable organisations to control cash flow and cash collection in real-time. The software solutions use sophisticated analytics and artificial intelligence (AI) to predict customer payment behavior and easily match and reconcile payments, removing the uncertainty of cash collection. Rimilia software automates the complete accounts receivable process, reducing manual activity by an average 70 percent and achieving best in class matching rates recognized by industry specialists. The company operates globally across many sectors serving customers in over 50 countries spanning USA, Europe and Australia