TCL Corp, a leading global electronics company, automated its Accounts Receivable (A/R) processes using HighRadius' AI-powered Cash Application Software, achieving a 97% straight-through cash posting rate. The manual and time-consuming cash posting process, which involved handling multiple bank accounts and payment formats, was streamlined by automating invoice matching and remittance extraction through AI-driven OCR technology. The automation eliminated 100% of bank lockbox fees, increased invoice and account hit rates, and automated 73% of deduction coding, significantly reducing the workload for analysts and enhancing overall efficiency.

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