How Volopay helped Silent Eight
Silent Eight is an artificial intelligence-based cybersecurity platform that provides technological security solutions to financial institutions. The company has successfully designed a mechanism that understands the working of humans in an investigative decision-making situation.
Their mission is to relieve their clients from financial fraud or crime. It was founded in Singapore in 2013 and today has hubs in London, New York, and Warsaw. Their technology is in operation in over 250 markets.
Every financial organization is bound to face and be prey to financial scams and frauds. All financial crime professionals strive every day to stop the flow of illegal funds and unauthorized transactions into the global financial market.
Silent Eight strives to do the same – however, they do it in a smart way with the help of technology. They have created an AI-powered compliance platform to investigate and combat illicit transactions, and unauthorized beneficiaries and facilitate their clients with the best security for their finances in real-time.
The system developed by the company can easily take over any fraud investigations and solve them with complete transparency in the client’s case management system. This ultimately gives their clients an automated system but with human control.
Along with this, the platform gives organizations the feature of search and extracting suitable information from their systems, and this feature is backed by natural language processing and machine learning.
Their system guarantees fraud aversion by taking hints from the previous alerts. It can easily detect any unusual behavior in reference to the past database and maintains transparency into a company’s financial records and decisions.
Eric Chua (Financial Manager, Silent Eight) shared the company's problems with us and also explained how Volopay helped them combat those challenges. Before using Volopay, they managed their finances using Banking Apps and Bank Statements.
There is no doubt that managing expenses through bank statements and apps can be a tedious, burdensome, and extremely complicated task. This is because reconciliation and invoice matching would become a nightmare for the financial team.
Matching all expenses with the invoices manually, looking for missing receipts, and figuring out who spent, what amount, where, when, and what is a colossal time and energy-intensive task. This in turn led to a reimbursement process hassle.
Other problems the company faced were lack of accounting integrations, unavailability of a suitable credit line, and expensive corporate cards.
As all the finances were managed through bank statements and apps, all the accounting books and entries were done manually, which resulted in immense time consumption, shifted focus from the more important financial planning and forecasting tasks, eros in entires, and difficulty in matching statements with the transaction. A lot of company funds were difficult to manage because of manual processing.
Another huge challenge was expensive corporate cards. Corporate cards are crucial for any business’s finance management. Lack of these cards can create a whole new level of problems because every expense may not be done from the company fund and reimbursing out-of-pocket expenses of the employees becomes a tiring cycle of inefficiency.
1. Difficulty in reimbursing employees
2. Lack of accounting integrations
3. Expensive/No corporate cards
4. Lack of enforceable spend policies
5. Unavailability of credit line
1. Easy OCR receipt recognition system
2. Hassle-free corporate card creation
3. Unlimited Virtual Cards facility
4. Individual corporate credit cards for employees
5. Seamless accounting integration
6. Low-Cost Credit feature
1. Transparency into company funds and spends
2. Better control over finances
3. Eliminate manual labor for accounting compliance and reconciliation
4. Easy availability of corporate cards
5. Effortless reimbursement through the OCR system
6. Access to a credit line for smooth business operations
7. Automated expense entry and accounting books management
Volopay helped Silent Eight to resolve all their problems. The feature of OCR receipt recognition and system-wide employee expense policy and budgetary compliance reinforcement system helped the company streamline and easily make reimbursements to their employees.
Volopay proved to be a user-friendly and low-cost solution for the company which provided them with easy access to company funds.
The seamless integration availability with some of the finest accounting systems relieved the financial team of the company from manual reconciliation and rendered benefits like automatic transaction entry into accounting fields, transparency into company funds, real-time expense updates, and multiple-stage approval workflow.
Along with this, Volopay provided them with low-cost credit which helped them in maintaining the smooth functioning of the business activities.
The unlimited virtual card and corporate card feature became a true savior for Silent Eight because they were struggling to find an effective corporate card solution to manage their finances and help their employees make spend through the company funds.
Not only this, Volopay transformed its financial management system from labor-intensive to a smart automated system which consequently saved a lot of their time that was otherwise invested in tedious manual processing.
Volopay’s platform assisted Silent Eight in increasing its financial management efficiency immensely with features like direct accounting integrations, automatic reconciliation, a hassle-free reimbursement system, and unlimited virtual corporate cards.
The major challenges which Silent Eight was struggling with were the complex employee reimbursement process, unavailability of a low-cost credit line, and expensive corporate cards. Volopay successfully solved all these problems for Silent Eight with smart technological automation solutions.
The process where they managed their expenses through bank statements and apps and manually entering data into accounting sheets was taken over by the seamless accounting integrations facility, real-time transaction tracking, and automated expense entry feature.
These automated solutions gave the company the scope to save a lot of time and effort for the financial team and also helped the employee have better access to the company funds.
Volopay’s feature of providing low-cost credit and easy access to corporate cards proved to be some other great features that worked wonders for Silent Eight.