100s

of hours of employee

time saved

Significant

reduction in

processing times

100%

visibility over

procurement process

“The SoftCo platform has contributed to creating a frictionless process, saving considerable time and effort. These systems have allowed the bank to continue our strategic ambition and to focus on what we do.”

Michael Ogazi, SVP Finance at Crown Agents Bank

Challenge

Crown Agents Bank, headquartered in London, England is a UK-regulated provider of wholesale foreign exchange and cross-border payment services. In 2016, Crown Agents Bank was acquired by the private equity firm Helios and this acquisition marked the start of a digital transformation strategy with the objective of transitioning the Bank into a FinTech organization. Crown Agents Bank recognized that they needed a solution to streamline and automate their Accounts Payable and Procurement processes.  The onset of the global pandemic in early 2020 and the subsequent move to remote working further accelerated this strategy.

Solution

SoftCo provides Crown Agents Bank with an end-to-end Procure-to-Pay solution, encompassing all elements from Vendor Management and Procurement, through to invoice capture, matching, query management, and invoice approval. SoftCo P2P is fully integrated with the bank’s existing ERP system, Infor SUNSystems. The solution enables Crown Agents Bank to capture invoices electronically on receipt, reduces the time required to process invoices and improves the accuracy of invoice registration and validation.

Implementation

SoftCo implemented the Crown Agents Bank P2P solution using its proven Project Delivery Methodology (PDM) which has been refined over 30 years of experience, using best practice, and built on the international project management standards PRINCE2 and ITIL. According to Crown Agents Bank “The information gathering stage was straightforward, easy to understand and centered around the completion of templates capturing core data alongside project meetings. The system was sufficiently flexible to be able to adopt all the key customizations required by our business.”

Results

SoftCo Procure-to-Pay provides Crown Agents Bank with full control over its entire procurement process delivering significantly improved controls within the AP process. Crown Agents Bank has dramatically reduced the time and costs associated with manual invoice processing across tasks such as recording invoice details, authorization, approval, journal posting and VAT returns. The auto-match of each invoice saves hundreds of hours of employee time and facilitates straight-through processing of invoices. By digitizing the accounts payable process, the bank can capture expenditure, identify opportunities for business growth, decrease processing times and reduce human error. In addition, the cloud-based solution has enabled their teams to continue their work with improved visibility and efficiency.

Information
  • Industry:Finance
  • Solution:Procure-to-Pay Automation
  • Region:Europe
  • Employees:200+
  • System Users:177
  • Vendors:263
  • Procurement Spend:$30m+
  • ERP System:Infor SUNSystems

Crown Agents Bank is a financial service partner of choice for many governments, development organizations and regulated financial services businesses. It acts as a preferred payment and FX intermediary facilitating the delivery of money into some of the fastest-growing economies in the world. With its help, Crown Agents Bank customers overcome challenges which can include illiquid FX markets or the complex process of ‘last-mile’ delivery across bank and emerging forms of non-bank payment rails.

“SoftCo were very responsive during the testing process and the project was implemented on time and budget.”

Michael Ogazi,
SVP Finance, Crown Agents Bank

Case Studies

Why choose SoftCo?

SoftCo’s Smart Automation solutions automate Procure-to-Pay, Accounts Payable, Vendor Management, eBilling and Contract Management processes. Reducing costs, increasing efficiencies and delivering an intuitive user experience across all devices. SoftCo Compliant Archive is SÄHKE2 and ISO 27001 certified, meets all compliance obligations and effectively manages all organization data.

Smart Automation

User Experience

Return on Investment

Security & Compliance