Skip navigation
Skip navigation
You are using an outdated browser. Please upgrade your browser.

• Rimilia sponsors 2013 Fraud /Anti Money Laundering Initiative of the Year
• Rimilia powers British Credit Awards finalists Britvic and Aggregate Industries

Fraud represents a growing threat to businesses, costing the UK economy more than £38 billion every year*. The rise in online trading in particular has created new forms of criminal activity, including many new ways of laundering money. Rimilia, a specialist in all ‘Prospect to Cash’ processes is supporting the drive to reduce fraud and end money laundering in the UK.

In 2011, Alloc8, Rimilia’s automated Accounts Receivable (AR) technology was formally recognised by The Institute of Credit Management (ICM), Europe’s largest credit management organisation, as the most Innovative Solution of the Year. As a corporate partner of the 2013 ICM British Credit Awards, Rimilia is supporting those entrants which have actively sought, with measurable success, to counter fraud or money laundering in the past year.

Steve Richardson, Commercial Director, Rimilia, says: “With the increasing threat and complexity of modern fraud and money laundering organisations needs better ways of fighting back. The first step is always about improving the way a company increases the visibility of its financial processes and so regains control against the fraudsters. Finalists LaSer UK (GB Group) and SmartSearch are great examples of the innovation in this field and we wish them both the best of luck in the challenge to earn the title of ICM Fraud /Anti Money Laundering Initiative of the Year.”

Rimilia’s Alloc8 is a ‘unique solution to a common problem’ according to the ICM, a powerful self-learning Accounts Receivable product which automatically matches up to 90% of incoming payments to invoices in just minutes, increasing visibility of cash processes, improving productivity and removing the pain of ‘month end’ collections. For this reason it is a key tool for Britvic and Aggregate Industries, two of the finalists in the ICM’s Best Use of Credit Technology Award.

Alloc8 has been employed by Britvic to resolve in minutes the complexity of managing remittances from supermarkets. These are unique in the market because the sent payments are characterised by numerous deductions for everything from in-store marketing campaigns to short orders and damaged goods. Without automation, the process is time consuming, and prone to error, leading to poor cash management.

Aggregate Industries, which is operating as a shared service centre (SSC) with 70 separate businesses across Europe, used Alloc8 to reduce high levels of unallocated cash on account, from as many as 10,000 invoices per day.

Phil Rice, Manager - Order to Cash, at Aggregate Industries says: “Getting the cash allocated onto the ledger at peak times, such as month end was a real issue for us. We wanted to achieve automatic allocation down to invoice level when cash was on the sales ledger. With Alloc8 we were achieving 87-90% almost immediately, and within six months we were seeing 95% automation for both cheques and BACS.” By quickly achieving this level of automation, Aggregate has been able to return control to the Order to Cash team and so increase business efficiency.

The British Credit Awards will be announced on February 6th for more information visit: http://www.icmbritishcreditawards.com/static/home

- ends –

*source: National Fraud Authority - annual fraud indicators January 2011.

About The Institute of Credit Management (ICM)

The ICM is the trusted leader in expertise for all credit matters; it represents the profession across trade, consumer, and export credit, and all credit-related services. Formed over 70 years ago, it is the only such organisation accredited by Ofqual and it offers a comprehensive range of services and bespoke solutions for the credit professional as well as services and advice for the wider business community. Visit www.icm.org.uk or www.creditmanagement.org.uk.

About Rimilia

Rimilia excels in the design, development and implementation of product driven technologies and solutions that automate and drive value from existing manually intensive processes. The company’s collective knowledge and experience covers all Prospect to Cash processes including a detailed understanding of finance processes. Its approach to business revolves around integrity and enabling organisations to unlock their potential through innovative and value added products and services.
Please visit www.rimilia.com

Media contact:

Gary Marshall
XL Communications
Tel: + 44 (0) 7733 224654
Email: gary@xl-comms.com

This press release was distributed by ResponseSource Press Release Wire on behalf of XL Communications in the following categories: Business & Finance, Manufacturing, Engineering & Energy, Computing & Telecoms, for more information visit https://pressreleasewire.responsesource.com/about.