Over a Decade of Partnership: Enova International Streamlines Reconciliation with Trintech and Workday
Case Study
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Overview
Enova International, a prominent player in the banking and financial services industry, has been leveraging Trintech’s reconciliation solution since 2011 to automate and streamline its high-volume transaction reconciliations. Prior to implementing Trintech, Enova faced the challenge of reconciling a high volume of transactions, driven by their business model of issuing loans directly to customers. The need to track transactions at the individual customer level, rather than in batches, resulted in a significantly higher reconciliation volume compared to many other companies.
“We perform reconciliations at the individual customer level, which results in processing approximately 75 million transactions annually,” shared Jeet Patel, Lead Systems Admin. “When we first started looking for a solution, we had a very tough time finding a solution that would be able to handle that large of a transaction volume cost effectively—until we found Trintech.”
Solution in Action
Enova selected Trintech’s reconciliation solution due to its ability to handle the required transaction volume at an affordable price. Over the years, Trintech has become a critical component of Enova’s month-end close process.
Key Benefits and Results
Cost-Effectiveness
Trintech provides a cost-effective solution for managing Enova’s high transaction volume, especially when compared to other solutions on the market.
Workday Integration
Enova imports Workday GL data into Trintech’s solution for reconciliation, demonstrating a connection between the two systems. Enova is interested in exploring further integration possibilities to streamline data transfers between Trintech and Workday.
Improved Accessibility
The move to the cloud-based version of Trintech has improved accessibility, allowing the accounting team to access the system from anywhere, eliminating the need for a dedicated in-office computer.
High-Volume Transaction Management
Trintech enables Enova to efficiently reconcile approximately 75 million transactions annually.
“Trintech is a critical part of our close. We rely heavily on their reconciliation solution to see outstanding balance items toward the end of each month.”
Focus on Exceptions
Trintech allows the accounting team to focus on exceptions and outstanding items, rather than spending time on transaction that match correctly.
Workday + Trintech
When Enova’s Human Resources team decided it was time for a new solution, Workday quickly came to the forefront as a solution that could benefit the entire organization—including the finance function. “When we realized that Workday expanded beyond just HR, the decision to ingratiate it into other parts of the business was a no brainer,” shared Patel. “Workday has served us well as our ERP. Their partnership with Trintech is a huge plus for data management and we’re excited to further integrate the systems to further optimize our financial processes.”
Future Goals
While Trintech’s reconciliation solution has been used by the Enova International team for 10+ years, there’s always room for improvement!
“We’re looking forward to improving our instance’s mapping and naming conventions to improve our auto-match rate, and integrating our instance of Workday, as well,” shared Patel. “Trintech is the best solution for us, and we’re excited to expand our use of the solution in the future.”
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