Finacial IT: Please introduce us your company.
Kevin Kimber: Rimilia was the first AI-powered automation platform built to manage the order-to-cash process in real time. With cash being at the heart of any business and Accounts Receivables (AR) Automation being central to improving cashflow, Rimilia drives the most efficient end to end process from customer invoice to cash in the bank, fully applied and closed. We exist to simplify complex processes by transforming cash collection. We eliminate manual repetitive tasks, improve customer experiences and unlock cash faster.
Finacial IT: Who are your major clients?
Kevin Kimber: Today, Rimilia counts companies such as Avis, Hitachi, Veolia and Travis Perkins as clients. In 2019 alone we completed over 12 million transactions and automated the collection and allocation of $150 billion.
Finacial IT: What is the USP (unique selling proposition) of Rimilia?
Kevin Kimber: In a nutshell we help organisations unlock cash held hostage in their biggest asset – their debtors. Our AI powered software, built by finance professionals, for finance professionals, simplifies complex and archaic processes in the finance function and intelligently automates Accounts Receivable.
Finacial IT: Earlier this year Rimilia has secured $15 million in growth funding to invest in product innovation and to fuel the company’s global expansion. Please share some of your expansion strategy plans and new product capabilities.
Kevin Kimber: Our goal is to continue to lead and help transform the Accounts Receivable market. We will expand at speed to enable us to support the demand in the market. 2019 marked a particularly successful year for Rimilia – from key customer wins, opening up a fifth office located in Toronto to hiring more than 60 employees, filling leadership roles.
The decisions companies make now, more than ever before, will have a lasting impact on the lifeblood of their organisation – cash. Without accurate data to help guide them, errors could be costly. The world has changed, and our platform is now vital to organisations to manage risk and control cash.
In response to the current crisis, our teams have been working tirelessly to launch our new cash dashboards which we are rolling out to help our customers through this period of uncertainty. We’ve also been focused on our Rapid Time to Value implementation methodology, which kick-starts intelligent automation within finance functions to deliver the biggest impact to cash allocation process in the shortest time, freeing up resources and exposing real time visibility of debtor positions. Together with our customers, we are unlocking more visibility into their cash position to help their teams mitigate risk and gather data to improve decision making, and stay on track.
Finacial IT: Please give us a real-life case of applying your solution within any financial institution and how the problem was solved.
Kevin Kimber: Loomis, a leading provider of intelligent safes, cash in transit and cash processing solutions, approached us with the need to digitally transform their financial processes. The company’s manual financial processing was time-consuming and prevented the business from achieving crucial real-time insight into the balance sheet. The paper-based system not only delayed productivity but also made it difficult to have a full visibility into customers’ financial data, such as potential debtor risks.
Rimilia’s solutions provided immediate value to the organisation. Within three months of implementation, productivity increased by 50% for credit controllers and promise-to-pay increased by 11%.
Furthermore, Rimilia has alleviated the burden of manual cash application. Now, the process takes less than 20 minutes and Loomis has experienced 99% reduction in manual remittance.
Finacial IT: How did corona pandemic affect your business? What are the challenges and opportunities you are facing during these tough times?
Kevin Kimber: At Rimilia, with our ability to move to our rehearsed remote working policy, we were able to stand shoulder to shoulder with our customers to support them through this challenging time. Fortunately, our software has always given users the ability to access our solutions from anywhere in the world and therefore if remote working is necessary, they are still able to ensure the cash their business needs is efficiently collected, and allocated in real time.
Customers have experienced no loss of visibility into current cash positions, and teams continue to meet KPIs due to the remote access to our products. COVID-19 made us test the resilience of our products in a new way, and as a business tested our employee’s ability to adapt to new ways of working to deliver the support our customers need.
In order to continue navigating this pandemic, and avoid drastic measures such as cutting workforce, the importance of businesses improving cash flow has never been greater. We have been able to unlock working capital for our customers, enabling them to be resilient in this period, win new business, and build for the future.
Finacial IT: What is next for Rimilia?
Kevin Kimber: We are excited to be at the forefront of AR automation and looking ahead we have a clear and focused strategy to continue to lead the market, expand geographically, develop our partnerships, and roll out new capabilities and efficient product functionalities to continue to serve our customers. Finally, we have some exciting partnerships on the horizon, which we’ll be able to talk about very soon.