FOX: Revolutionizing Finance

CLIENT

Fox Corp (Fox) is a vast enterprise in the media and entertainment landscape with a significant employee base of over 10,400 individuals and annual revenue of approximately $13.97 billion. It produces and licenses news and sports content. The company distributes content through different media networks and distribution partners. The company’s operations, costs and revenue management are handled by means of a Coral MSP platform developed by Coral Team over the last decade. 

CHALLENGE

Given their extensive history of collaboration and Coral Team's significant experience in the financial domain, along with expertise in solutions automation, integration, and synchronization, Fox approached Coral Team with a specific need. They sought to integrate their existing financial application with Bank of America and automate the process of uploading payment transactions and checks from distribution partners to their Bank of America account through the financial application. Previously, the customer had manually managed payment transaction uploads into the financial platform, encountering numerous difficulties along the way, including:

1. Time Consumption:
   Manually entering each payment from check images proved to be a time-intensive task for the customer.

2. Error Risk: 
   The manual processing of payments posed a significant risk of errors or omissions in the information.

3. Timeliness Concerns:
   The absence of the responsible person could result in delays in logging received payments into the system, potentially leading to inaccuracies in reflecting the debts of the customer's clients.

DEVELOPMENT KEY OBJECTIVES

Drawing on our specialized experience, Coral Team offered comprehensive solutions to enhance the client’s financial operation processing through automation:

• Automate Transaction Retrieval
  We implement an automated process to retrieve and transfer transactions from Bank of America (BoA) to the company’s financial platform.
  The process includes failsafe logic to prevent duplicates and gaps in data. Moreover, users have the flexibility to manually schedule the automation according to their preferences, including frequency, day and time.

• Automate Check Image Retrieval
  We developed an automated process to retrieve transaction check images from the customer’s bank account and seamlessly link them to the corresponding transactions already uploaded in the company’s financial platform.
  This process also includes the failsafe logic to prevent duplicates and gaps, as well as the ability to manually schedule the automation (frequency, day and time):

• Clickable Check Image Links
  To enable users to view check images, we added clickable links to the files that can be downloaded from the payment record page:

• Email Notifications
  To make sure no automation failures go unnoticed, we added email notifications.
  Upon successful import of payment information and check images into the financial platform, an email notification with details such as the number of imported payment transactions and images is sent to designated users.

  The notification also includes a link that navigates to the page displaying all transactions imported into the financial platform. The distribution list for these notifications is easy to set up. And the direct link to the list of downloaded payment transactions save users time on additional filtering and searching for the payments they need to review and approve.

RESULTS

The integration with Bank of America (BOA) has proven to be highly advantageous for FOX. Previously, the process involved manual steps which included downloading reports from the bank CashPro app and reconciling data for ingestion into the financial platform. However, with the new integration, the entire process now operates seamlessly without any human intervention.  Currently, payment transactions are processed and uploaded into the platform automatically within 8 seconds, while check images take just 16 seconds to upload. This automation is saving FOX approximately 15 to 20 work hours per week.

Furthermore, the association of check images with related transactions has significantly improved efficiency for FOX business. Instead of manually searching through PDFs, they can now easily access relevant check images, streamlining their workflow.

This significant reduction in time and elimination of manual effort underscores the efficiency gains achieved through the automation implemented by Coral Team. 

The expertise of Coral Team in designing automated integration solutions provides significant benefits for businesses aiming to streamline their operational workflows across various applications through seamless automation.

Reach out to Coral Team for a revolutionary approach to handling financial transactions. Bid farewell to the tedious manual processes of the past and embrace the future of automated efficiency!