Rimilia: Using Advanced AI Technology to Improve Cash Flow

Rimilia: Using Advanced AI Technology to Improve Cash Flow

Kevin Kimber, CEO, RimiliaKevin Kimber, CEO From legendary physicist Stephen Hawking, SpaceX innovator, Elon Musk to Microsoft’s bigwig Bill Gates, all believe that the AI is the next ‘game changer’ in the corporate universe and is going to be significantly instrumental in transforming how we do business.

Sharing a similar viewpoint with these legends, Kevin Kimber, a well-known financial expert in business circles, also believes that AI can specifically power financial applications to streamline processes, connect data between finance and back-office operations with the front office and commercial function and in doing so increase a company’s revenue. Case in point—Rimilia, a Fintech solutions provider with Kevin as its CEO, is a perfect example for intelligent cash application, credit management, and collections in the finance industry.

Today, the modern corporation has unique opportunities to automate in many areas that previously weren’t possible and with the maturity of a small number of super-intelligent applications and their development within the finance industry, now is the time for companies to take advantage and drive change. Current day finance technology providers need to not only understand the complexities that run across the financial estate but also assist companies in carefully navigating forward. With an in-depth knowledge of these complexities and professional expertise to successfully get around them, Kevin Kimber, CEO of Rimilia, knows the opportunities companies have.

Led by Kimber and his experienced management team, Rimilia has set a new benchmark with its financial solutions, which help enterprises replace standard legacy practices for applying cash, managing credit collections, and dispute resolution. Through the implementation of artificial intelligence and automated workflows to optimize sales ledgers, and automatically allocate cash in real-time, Rimilia reduces a company’s bad debt provisions, and in parallel increases their customer satisfaction through intelligent dispute and reconciliation management. Leveraging the power of AI, Rimilia has outmatched its peers in providing companies around the globe with faster cash application, clearer information, and better control over cash flow.

So how does Rimilia fit in today’s finance world?

All too often, financers have limited or no visibility into their customer information, making it hard for them to see the full picture. Even if they are successful in collecting the customer data, they still need to make sense of it. Also, more information doesn’t necessarily mean better decisions. A robust financial business needs timely and actionable insights. Without a common platform for customer financial interactions, visibility can be lost in the flood of information—leading to slow or unsatisfactory cash applications and credit collects, loss of sales, and an increase in bad debt provision.

Similarly, for a majority of finance organizations, invoice-to-cash constitutes a significant determinant for accounts efficiency. However, if done manually, this process can be a frustrating and time-consuming endeavor, requiring multiple resources working on reducing DSO or resolving deductions. Beyond running the risk of wasted time, delayed updates to customer accounts can result in confusion over the status of payments and delays in releasing credit, which in turn means lost sales opportunities. All these factors, combined with the time lost and cost of manual cash application, will inhibit company growth on a large-scale level.

This is where Rimilia comes into the picture.

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 operations of integrating their back-office finance functions with the front office. In addition to automating the customer’s accounts receivable, Rimilia also streamlines the flow of billions of payments in real time.


Rimilia’s vision is to continue 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 real-time 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 (or shouldn’t) 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, and enhance the customer satisfaction. Rimilia refers to this overall concept as financial relationship management (FRM).

The Genesis

Tracing the roots back to ten years ago, the foundation story of Rimilia began with a quest for an automated cash application solution led by three finance executives working for a large global corporation. These individuals were tasked to find a robust technological solution for their cash application while reducing bad debt provision and optimizing their sales ledger. Surprisingly, they could not find a single solution that matched their needs. Taking the situation into their own hands, the three executives decided to develop their proprietary in-house solution.

After successfully creating a robust automated cash application solution for themselves, the trio realized that their peers and competitors were also facing the same challenges. Recognizing the need for automation software on a massive scale and anticipating the future potential of the technology they had developed, they took the risk of embarking into an independent venture along with acquiring the IP for the technology that they created. Rimilia was born.

Today, given how the current global economy is faring, the need to get paid promptly and expediting the process of applying and releasing that cash for further investments has become significantly crucial for all organizations. According to Kimber, currently, Rimilia is well-positioned to address the requirements of our 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 simplify the complex processes of accounts receivable, integrate the intelligence available with their commercial operations and assist them with the intricacies of how to pay and get paid for things, which ultimately reduces friction within their customer relationships,” adds Kimber.

Rimilia leverages AI for customer data analysis 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 time frame, allowing collectors to focus on high-profile accounts. “Rimilia Collect helps companies accurately predict 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 flexible and global in its approach and works with every currency, bank, ERP, and language across the world. The company’s primary focus is to simplify the complexity of workflows by connecting the front office to the back office for increased visibility, which provides intelligence through the entire customer lifecycle. “We help clients optimize their sales ledger by significantly reducing their expenses and providing real-time cash applications that typically increase revenue per customer,” says Kimber.

Rimilia’s cloud-based automated cash application solution can be implemented out-of-the-box. This essentially means you can be up and running in no time.

Additionally, the automated solution comes with built-in learning capabilities that adapt and continuously self-learn, resulting in improved processes and increased efficiencies over time. In addition to this, Rimilia has another trick up its sleeve—a transparent pricing model for all solutions (a future proof model) that ensures clients will be able to enjoy a fast return on investment giving customers “peace of mind” and negating the likelihood of any hidden surprises.

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

"Backed by real time data, we can provide our customers with significantly higher and richer intelligence and insight!"

In addition, customer disputes cause unnecessary complexity and friction due to differences in price, quantity, or quality of goods/services. In order to carefully tread through such delicate situations, Rimilia’s development team has built an industry-leading module, Rimilia Resolve™ to effectively manage customer disputes through a centralized system, allowing multiple stakeholders to view the status of the dispute when needed.

Keeping in mind that one of the top concerns for most customers is the security aspect, Rimilia is highly focused on protecting customers’ data and deploys best-in-class security for protecting it.

Citing one of their successful customer engagements, 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. Compounding the problem, Wesco had multiple points of references when applying numerous payments, which radically reduced their team’s efficiency and productivity— until Rimilia was deployed. Through its Cash solution, Rimilia empowered Wesco with the ability to integrate with 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

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, providing 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,” states Kimber with a smile.

Rimilia continues to invest in technology, and today, the company is increasingly recognized as a global fintech leader at the forefront of finance automation. Recently, Rimilia has established its North American footprint with offices in Denver and Toronto. In the last 12 months, the company tripled its US team and forecasts adding 25 more people in North America. Kimber states, “We believe inspired employees create successful customers, and it’s this mantra that we operate both internally and with our customers on.” Rimilia consists of a closely-knit team bringing together a blend of tech, industry, finance, and commercial experience with a common thread of passion for customer success underpinned by AI and machine learning.

“It is a huge differentiator for us that we deliver best-in-class software, but we also care about the people who use it,” says Kimber. The company’s staff truly believe in the added value Rimilia’s 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 continue to bring together the best technical brains with unparalleled finance expertise and create a consortium of deep understanding and knowledge combined with the latest technology,” concludes Kimber.

- Sarah Dawson
    September 26, 2019
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Company
Rimilia

Headquarters
London, 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