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How five companies found new ways to work smarter, cut costs, and improve cash flow with FIS
Moving Your Business Payments Forward
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Maximize your ROI from the cloud
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Choosing a cloud provider
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Rexel Canada: Scaling AR to reach cash flow targets
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Jefferson Parrish Public School System: Fewer checks, more rebates
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Scout Energy: Moving from paper checks drives big rebates
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Russel Sigler: Realizing ROI in 30 days
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Pepsi Bottling Group: Lowering costs and resources
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The Pepsi Bottling Group Inc. (PBG) accounts for half of the Pepsi-Cola beverages sold in North America, and about 40% of the Pepsi-Cola system volume worldwide. Before it began using FIS Integrated Payables, PBG printed about 900,000 checks and 50,000 W-9s in-house, each year. The cumbersome process involved forms, logos, check stock, bank accounts, accounts payable, customer payments, payroll, reimbursements and commission checks. On top of that, each application had unique handling, sorting and printing requirements.
PEPSI BOTTLING GROUP: LOWERING COSTS AND MAN HOURS
94%
PBG sought to reduce costs and operational overhead by using a third party for check printing and distribution. It chose FIS to manage its Integrated Payables based on factors like:
DID YOU KNOW?
PBG saw a 25% reduction in overall costs associated with checks and W-9s.
Jonathan Silverman Director of insurance solutions, Microsoft
Insurers are recognizing the value of having access to unlimited compute capacity for risk modeling and . . . making substantial cost savings with infrastructure related to the risk modeling workload.
A web-based application that allows PBG complete visibility over all aspects of payment production.
Tight security around all processes, data and facilities.
Complete print production facilities fully capable of meeting PBG volume demands.
Process controls passing SAS 70 Type II audit.
Demonstrated flexibility to deal with unique PBG processes and exceptions.
The majority of PBG payments are now produced and distributed by FIS Integrated Payables. This has lowered costs associated with paper checks and tax forms, reduced man hour requirements and increased staff efficiency.
PBG reduced 200+ man hours when FIS Integrated Payables began automating check commission information.
“Given the special knowledge and skills required for our print operation, the right decision for us was to shift this work to a payments expert.”
Susan Cotto, PBG Senior Analyst.
Russell Sigler keeps reducing costs and increasing rebates as FIS enrolls more vendors into its electronic payments.
Russell Sigler is earning rebates from its virtual cards. They are being invested back into the business.
70%
55%
20%
With so much costly, inflexible IT to manage, your on-site infrastructure could be holding you back.
Rick Yuan Head of actuarial modeling and transformation, AIA Group
We needed to run a projection tens of thousands of times to come out with a range of possibilities. One solution was to purchase more hardware, but the obvious winner was move to the public cloud. The beauty is you can tap that capacity when you need it and switch it off when you’ve finished the calculation.
Established in 1950, Russell Sigler Incorporated supplies carrier residential and commercial air conditioning units, air handlers, chillers, HVAC and building automation systems through stores and dealers in the United States. Before partnering with FIS, the company was printing 300 checks each week. It wanted to migrate from checks to electronic payments, to gain operational efficiency, reduce costs and earn monthly rebates. But with just three accounts payable (AP) professionals, the job of manually contacting vendors to migrate them to electronic payments was daunting. By partnering with FIS and its bank agnostic, integrated payments platform and comprehensive vendor enrollment program, Russell Sigler was able to relieve its AP staff of the task. Following a 12-week implementation that included mapping the payment instructions file, collecting bank details, setting up bank connections, and mirroring the company’s existing check and remittance layout, the AP team gave FIS a list of vendors. FIS created an integrated campaign with customized messaging to target initial vendors for electronic enrollment. It now manages all vendor enrollment for electronic payments and inbound inquiries, so Russell Sigler’s AP team can focus on strategic initiatives.
RUSSELL SIGLER: REALIZING ROI IN 30 DAYS
75%
Leaving infrastructure sitting idle for 75 percent of the time and charging you for the privilege.
“Partnering with FIS has simplified our process and allowed us to migrate a portion of our checks to virtual card, helping us achieve ROI in 30 days.”
Andy Abbott, Assistant Controller, Russell Sigler
And all the while, you’ll need to keep taking care of both the hardware and the software that it’s running, as well as managing all the operational risk. Plus, while your staff may get to know the system, when they move on they take their expertise with them.
computing power needed
5x more
Most risk and regulatory calculations happen at peak times, such as quarter and year ends, when systems may need five times more computing power than in quieter periods.
According to FIS’ research, 43 percent of the fastest-growing insurance companies have migrated one or more mission-critical applications to the public cloud, compared to just 30 percent of the rest of the industry.
In 2020, unprecedented global circumstances have shown us all the benefits of hosted IT for business continuity and remote working. But beyond lockdown conditions, there are more reasons than ever to run your organization’s most powerful systems in the cloud.
Located in Dallas, Texas, Scout Energy Partners is a private energy investment manager that provides upstream oil and gas investments for institutional partners. Before migrating its electronic AP and revenue accounting payments to FIS, Scout Energy had sent more than 75,000 checks in a few years—at a cost of up to $1.90 per check. Scout Energy sought to cut costs, boost efficiency and earn rebates by using ACH and virtual cards. Now, when a vendor or owner accepts payment by either ACH or virtual card, Scout Energy changes the payment method on the setup screen. The system generates a live file, just like it would for a check. Once the file is uploaded to FIS, Scout Energy receives email notifications at the start and end of the process. FIS notifies vendors by email that they have been paid. Scout Energy staff can generate on-demand reports any time and customize reporting parameters. As Scout Energy adds new vendors, the FIS enrollment conducts vendor matching and outreach to enroll vendors on preferred payment methods, using Scout Energy’s customized messaging. And within less than five minutes, vendors can securely register on FIS’ self-service recipient portal.
SCOUT ENERGY: FEWER PAPER CHECKS, BIG REBATES
30%
43%
Are you ready to join the highest flyers?
David Elliott Architecture manager for financial services, Amazon Web Services
For insurers, the question isn’t "if" (they will migrate existing applications to the cloud) – it’s how fast they can move and what are they going to move first?
32%
Brandon Alex, Financial Analyst, Scout Energy
“Timelines had to be met. FIS performed better than we anticipated. Lots of attention to detail and concentration on the small things made a huge difference.”
“Once we got over the threshold, this venture became profitable. Vendors and owners like the idea of electronic payments too.”
Hand every aspect of complex modeling technology to an expert provider and you'll reep the benefits:
Managed cloud services give you the power and scalability of a sophisticated actuarial modeling and risk management platform, but reduce the challenges, costs and risks of provisioning infrastructure and managing the underlying IT.
Chief risk officer Major insurance company, UAE Cloud computing services come in three shapes
The accommodation of large data sets, highly demanding algorithms and the hardware for instant computational resources make the cloud ideal for large-scale data analysis.
Located in Louisiana, Jefferson Parrish School System (JPPSS) includes 86 schools, 48,000+ students and 6,000+ teachers, and central office staff. JPPSS’ AP department manages payments for school services like maintenance, food supply, legal bills and construction repairs. Its vendor payments were made with ACH and paper checks, which it did not consider to be an issue. But once it learned of the financial benefits virtual cards could deliver, and found that it could use them by simply adjusting the payment type and uploading a new file to the existing financial management system, it saw the benefits of virtual cards. When a JPPSS vendor begins to accept virtual card payments, JPPSS changes the pay type in its system and generates a live file like it would for a check. Once the file is uploaded, JPPSS receives an email notification when the process is started and completed. FIS manages the process to collect vendor payments and JPPSS staff can pull on-demand reports. Migrating from checks to virtual card payments has proven to be a simple and cost-effective change. JPPSS continuously earns rebates that offset other expenses.
JEFFERSON PARRISH PUBLIC SCHOOL SYSTEM: NO MORE CHECKS
deliver speed and scale
save time
eliminate risk
Kathleen Camp, Director of Accounts Payable, JPPSS
“All of the information was already in our system, so all we had to do was change the common code. We didn’t have to do anything differently other than upload a file that takes 30 seconds to upload. Once it is complete, the rest of it is on FIS.”
“We provided a vendor payment listing for the previous fiscal year, and FIS provided the analysis, best practices and vendor enrollment. The FIS vendor enrollment team has handled everything from day one.”
Rexel Canada is a leading distributor of electrical products and part of the larger global company Rexel (RXEEY). Headquartered in Paris, France, it operates under three banners throughout Canada - Nedco, Westburne, and Rexel Atlantic. It maintains 198 branches with 2,220 employees supporting sales in the billions. Before partnering with FIS, Rexel Canada ran its credit and collections operations under five decentralized managers with 55 people supporting credit and collections functions. To improve processes, Rexel brought in a lead national credit and collections manager, Geoff Last, who sought to automate and streamline processes. With the implementation of FIS GETPAID, Rexel has instituted risk-based collections, dispute management, the GETPAID mobile app and the customer portal. The strategic risk-based collections artificial intelligence engine automatically assigns appropriate strategies and priorities to collections. Rexel is currently implementing an auto-dialer to further automate the collections process. Within dispute management, the team communicates closely with the sales team and allows last-to-access live data in credit meetings with sales. The customer portal also allows customers to self-serve by retrieving invoice copies, marking disputed invoices and making payments. Automation has been a key to improvement for Rexel Canada. Since using GETPAID, it has improved Days Sales Outstanding (DSO) by two to three days and increased revenue handled with the same staffing levels. It has also reduced overdue AR and outstanding disputes, and effectively managed customers attempting to extend payment terms. Its improved visibility provides greater transparency into what teams are doing and allows it to change priorities to achieve collection and cash flow targets.
REXEL CANADA: SCALING AR TO REACH CASH FLOW TARGETS
Geoff Last, National Credit and Collections Manager, Rexel Canada
“The GETPAID system allows us to be scalable. We can monitor how up to date each collector is within their collection queue. We can see how many strategies they have manually adjusted, which starts conversations around whether we need to adjust our strategies system-wide to be even more effective.”
“One of the biggest benefits for us is how easy it is to change priorities to achieve collection and cash flow targets.”
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LET’S POWER NEXT FOR YOUR business payments AND RECEIVABLES.
The combination of FIS Integrated Payables and FIS GETPAID supports what’s now and next in business payments. A secure and efficient platform improves working capital, reduces operational expenses and mitigates risk. Plus, it converts outgoing payments from paper to electronic and automatically posts incoming payments against open invoices to fully support corporate digitalization efforts.
HOW WILL YOU EMBRACE WHAT’S NEXT FOR YOUR PAYMENTS?
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FIS is a leading provider of technology solutions for merchants, banks and capital markets firms globally. Our more than 55,000 people are dedicated to advancing the way the world pays, banks and invests by applying our scale, deep expertise and data-driven insights. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS is a Fortune 500® company and is a member of Standard & Poor’s 500® Index.
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