Using the Rigi platform, influencers can monetize their community via multiple platforms including WhatsApp, Telegram, and Instagram. Rigi usually runs promotional campaigns to increase user engagement, helping influencers maximize their earnings. As the transactions grew, using spreadsheets and excel macros to reconcile the transactions faced the following challenges:
- A 3-way reconciliation was needed to reconcile transactions between the internal file, payment gateway file, and bank settlement file.
- Flexibility in the process was needed to handle reversals, failed, and incorrect transactions.
- Complex discounts varying with influencers and platforms needs to be incorporated to calculate accurate receivable.
- Unique identification creation using multiple columns to differentiate between wallet transactions and direct transactions.
Creators using the Rigi platform have wallets created with Rigi. They receive payments from their community on various platforms into these wallets and can transfer the amount to their bank accounts. With the rapid growth of Rigi's creator community, the FinOps team faced multiple difficulties in accurately reconciling payouts and creating a net liability report.
Key issues as explained by the team are as follows:
- A complex discount structure exists as different influencers offer different discounts to their community, which cannot be handled using spreadsheets for payouts.
- A 4-way recon was needed between the internal transactions file, multiple payment gateway files, withdrawal files, and bank statements to create the net-liability report.
- Incorrect transactions needed to be identified accurately and early, to get a clear picture of the finances
- Data accuracy. All Osfin.ai products work from a single, unified codebase. As a result, numerical data is always up-to-the-minute accurate.
- End-to-end process automation, upload the data and the process will run automatically, delivering the output to your mailbox.
- Flexible rule engine that can incorporate complex use cases and achieve 99.5% auto reconciliation.
- Audit ready always. The platform maintains complete audit trails of transaction-level data, so even 5 years back data can be fetched and reviewed in minutes.
- Automated workflow for exception handling, with convenient ticketing, and approval management workflow.
- Flexible and user-friendly dashboards that allow users to slice and dice data in the manner they see fit to gain deep insights
- Achieved 99.5% auto reconciliation in both settlement reconciliation and payout reconciliation
- Realized a 90% reduction in time and effort of the team freeing them to focus on improving quality
- Gained real-time visibility. Osfin’s dashboard gives the team immediate insight into the status of reconciliations, and real-time visibility of the company’s finances
- Created a 1-click process of managing marketing campaigns without losing sight of finances
Reduction in Time & Effort