How TCL Corp achieved 97% Touchless Cash Posting with the HRC AI-Powered Cash Application Software

Impact Achieved

97%

Invoice level Hit Rate for Cash Allocation

73%

Deductions Auto Coded

100%

Elimination of Bank
Lockbox fees

45%

Account Hit Rate for Cash Allocation

About TCL Corp

TCL Corp, world’s third largest television producer in the world, achieved 97% straight - through cash posting, enhanced workflow, and eliminated the maintenance cost of Lockbox using OCR Engines - only with the HighRadius Cash Application Software.

Employee

60K+

Revenue

$25Billion

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Top Challenges

Extremely manual, time- consuming cash posting.
Inability to handle a complex payments landscape.
Paying the high lockbox fee was a drain on expenses.

Business Benefits

Straight-through invoice level hit rate with auto-cash posting
100% Elimination of Lockbox fees across all banks.
Automated deductions coding, reducing the analyst’s workload