Receivables Monitoring System (REMOS)
SUMMARY
- Client
- ČSOB
Profinit delivered a strategic solution called REMOS (Receivables Monitoring System) for ČSOB, one of the largest commercial banks operating in the Czech Republic. The bespoke software development project consisted of specifying and implementing a system, which enables bank clients to file and deposit invoices in various electronic formats and through diverse channels without the need to physically visit a branch.
Results
Project Background
Enterprises of all sizes are confronted with long payment terms for their customer invoices, often creating a need for external financing. ČSOB, one of the Czech Republic’s three largest banks, tackles this issue by offering enterprise finance plans with recurring short-term loans vouched for by unpaid invoices, receivables, and supplies.
These loan applications were processed manually by ČSOB bank officers who examined invoices on paper at decentralized branches. However, this procedure didn’t comply with growing client demand for speed, precision, and flexibility, or with bank requests for automatization and risk management. ČSOB made the strategic decision to develop a new software solution called the Receivables Monitoring System – REMOS.
Challenge
The speed of delivery and project end date were crucial parameters for ČSOB due to the competitiveness within the enterprise finance sector.
During the most work-intensive phases of the project, Profinit built and managed two development teams, which worked on parallel deliveries to make use of the testing capacities of ČSOB efficiently. After the testing, acceptance, and successful launch of one delivery, we immediately handed over another delivery developed by the second team, which was waiting to be tested. Profinit delivered 3 out of 5 REMOS deliveries working in this parallel mode.
Profinit was able to operate in this mode without any negative impact on the quality of any of the deliveries because of its strict adherence to the Profinit software development process, its automation of regression tests, and the scope and connection project management of the individual deliveries.
Business Needs
The solution needed to meet the following requirements:
- Eliminate manual processing bottlenecks from paper-based invoice examination
- Meet client demand for speed, precision, and flexibility in accessing enterprise financing
- Enable digital submission channels without requiring branch visits
- Implement automated risk management and process auditability replacing manual inspection
- Provide efficient reconciliation of receivables with incoming payments
Solution & Results
Profinit secured system specifications and implementation of the REMOS project, enabling bank clients to send receivables in various electronic formats through diverse channels without visiting a branch. Thanks to REMOS, clients can immediately withdraw loan finances the day after submitting receivables, accessing money as a revolving line of credit or current account. From the bank’s perspective, REMOS fulfilled the defined requests and supports the entire life cycle of the enterprise finance service.
The “heart” of the REMOS system is an internal component based on a unique multidimensional algorithm developed by Profinit specialists, synchronizing all individual operations into a single user-friendly process. Profinit fully integrated REMOS with existing banking applications, including the data warehouse. In early 2019, REMOS was serving almost 60% of small and medium-sized businesses and 50% of corporate clients, processing around 900k receivables per month.
HEAR FROM THE CLIENT
I definitely view the REMOS solution as a successful project that fulfilled the defined expectations and, in many aspects, even exceeded them. A large portion of the credit goes to the Profinit team, who was professional, well-organized, and otherwise great to work with. As a result, this strategic change in ČSOB could be completed without any problems.
