Nynas Chooses OpusCapita to Automate Their Account Reconciliation Process
September 28, 2018
Nynas AB, a leading manufacturer of specialty oils and bitumen products has chosen OpusCapita as its partner in improving its Accounts Receivable (AR) process. Nynas chose OpusCapita’s Matching solution for automating the reconciliation process of incoming payments.
Swedish Nynas is the global market leader in naphthenic specialty products and a market leader in bitumen in the European market, manufacturing and selling specialty oils and bitumen for industrial, infrastructure, and paving applications. Nynas has sales offices in more than 30 countries, and a global distribution network with 60 storage depots. On a yearly basis, Nynas receives over 50 000 customer payments, which are allocated manually by personnel on different locations.
OpusCapita Matching is a new tool for automated account reconciliation. In many companies, handling incoming payments is a highly manual process. Matching the payment transactions on bank account statements to the right customers and the right customer invoices takes a lot of time and effort. Automating the reconciliation process helps reduce errors, costs, and unallocated cash.
“Our aim is to reduce the manual work involved in the allocation process of our customer payments. After investigating different options, we chose OpusCapita’s Matching solution. We already have a longstanding relationship with OpusCapita, as we use their Liquidity Management solution, they understand our business environment and requirements,” Erol Engin, Nordic Accounts Payable and Receivable Shared Services Manager at Nynas states.
“OpusCapita performed a Proof of Concept for us with our actual customer invoice and payment data. This further strengthened our belief that OpusCapita is the right partner to help us improve the efficiency of the allocation process for our customer payments and reduce manual work to a minimum, “ Engin continues.
With OpusCapita Matching, Nynas is able to achieve a high level of automation in transaction matching and also to improve the remaining manual phases and the exception handling process with assisted matching and automatically created matching proposals.
“We are happy with Nynas’ decision to select our automation solution for improving the efficiency of their Accounts Receivable process. Nynas is a good example of a company that can benefit greatly from our Matching solution. In addition to enabling the automation of the tedious, manual routines in the reconciliation process, it engages the Accounts Receivable department in continuous process development,” says Jukka Sallinen, Head of Cash Management at OpusCapita.
Read more about OpusCapita Accounts Receivable Matching solution
Watch on demand webinar: Automated reconciliation with AR Matching
Watch demo webinar recording: Supercharge Your Bank Account Reconciliation Process with Automated Receivables Matching
Nynas is a global company with a strong position in niche markets. The specialisation in naphthenic specialty products (NSP) and bitumen sets Nynas apart from most other oil companies, which offer oil as a source of energy. Nynas’ core competence is to refine heavy crude oil into a balanced mix of long-lasting, high performance specialty products for sustainable use. Nynas is the leading brand and global market leader in NSP and a market leader in bitumen in the European market where it operates. Nynas’ products support growth in infrastructure and touch the lives of nearly everyone every day through their presence in roads, roofs, running shoes, adhesives, rubber, paint, magazines and lubricants, which are just some of the thousands of everyday objects that contain Nynas oils.
OpusCapita enables organizations to sell, buy and pay quickly and securely, with a real-time view of their business. Over 3000 customers in over 100 countries use our source-to-pay, cash management and product information management solutions to connect, transact and grow. OpusCapita processes over 220 million electronic transactions annually on its Business Network, which includes almost 1 million organizations and over 11,000 financial institutions worldwide.