Case Study: one of the world’s largest private banks reduces GSTN vendor reconciliation efforts by 80% with Cygnet TaxTech

One of the world’s largest private banks reduced GSTN vendor reconciliation efforts by 80%

Cygnet TaxTech worked with one of the world’s largest private banks in India, a BFSI organization with 5,000+ branches and 14,000+ ATMs, to address the complexity of GST vendor reconciliation. The bank faced multiple legacy data systems, inaccurate checks for reconciling vendor invoices with GSTN filings, inefficient input tax credit claims, and no easy vendor interface for invoice and payment visibility.

Cygnet TaxTech implemented quick reconciliation of GSTR 2A and purchase data, API integration to update reconciliation status, integration with Active Directory and Oracle Payment Apps, advanced reconciliation against Oracle and vendor invoices, and a streamlined approval workflow. As a result, the bank reduced GSTN vendor reconciliation efforts by 80%, improved ITC accuracy and timeliness, enabled transparent vendor payments, and made invoice reconciliation and payment visibility much easier.